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SANFORD, N.C. -- The Pantry, Inc., the Southeast United States' leading independently operated convenience store chain, has signed a definitive agreement to acquire 13 convenience stores in Alabama from Chatham Oil Company, Inc., which has been operating the stores under the Speedmart Food Stores banner.
"This acquisition ... strengthens our position in Alabama by adding stores that will complement the existing 25 stores we currently operate in that market," Peter J. Sodini, president and c.e.o. of The Pantry, said in a statement. "This transaction is consistent with our tuck-in acquisition strategy, which is focused on adding stores that enhance our market presence. Further, we expect the addition of these units to be immediately accretive to our earnings per share."
The acquisition, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the company's fourth fiscal quarter. Terms of the acquisition were not disclosed.