The Pantry Acquires 39 C-stores in Mississippi, Louisiana
SANFORD, N.C. -- The Pantry, Inc., the top independently operated convenience store chain in the southeastern United States, said yesterday that it will acquire 39 Interstate Food Stop convenience stores in Mississippi and Louisiana from Waring Oil Co., LLC. The stores generated total revenue of about $100 million last year. Terms of the transaction were not revealed.
Said Peter J. Sodini, The Pantry's president and c.e.o., in a statement: "[T]his acquisition...strengthens our position in both Mississippi and Louisiana by adding stores that will complement the existing 61 stores we currently operate in those markets. 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 Pantry's second fiscal quarter. The company intends to finance the transaction with cash on hand and seller lease financing.
Said Peter J. Sodini, The Pantry's president and c.e.o., in a statement: "[T]his acquisition...strengthens our position in both Mississippi and Louisiana by adding stores that will complement the existing 61 stores we currently operate in those markets. 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 Pantry's second fiscal quarter. The company intends to finance the transaction with cash on hand and seller lease financing.