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SANFORD, N.C. -- Leading Southeastern c-store operator The Pantry, Inc. said yesterday it has signed a definitive agreement to acquire 19 convenience stores in North Carolina from Lee-Moore Oil Company, which has been operating the stores under the TruBuy and On-The-Run banners. The announcement came just days after The Pantry said it would acquire 39 Interstate Food Stop convenience stores in Mississippi and Louisiana from Waring Oil Co., LLC.
The North Carolina stores to be acquired generated total revenue of approximately $66 million in 2004. The Pantry said the latest acquisition also will include various dealer fuel supply arrangements for 20 additional stores.
The company plans to finance the transaction with cash on hand and seller lease financing. Terms were not disclosed. The acquisition, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the company's second fiscal quarter.
The Pantry, Inc. is one of the largest independently operated convenience store chains in the country, with net sales for fiscal 2005 of approximately $4.4 billion. As of Sept. 29, 2005, the company operated 1,400 stores in 11 states under a number of banners including Kangaroo Express, Golden Gallon, and Cowboys.