The Pantry acquires 19 convenience stores
Feb 13, 2006 9:03 AM, from staff and wire reports
The Pantry Inc convenience store chain has completed the acquisition of 19 convenience stores in North Carolina from Lee-Moore Oil Co, which has been operating the stores under the TruBuy and On-The-Run banners. These stores generated total revenue of about $66 million in 2004.
This acquisition, which also includes dealer fuel supply arrangements for 20 more stores, was financed with cash on hand and seller lease financing. Terms of the transaction were not disclosed.
Headquartered in Sanford NC, The Pantry is an independently operated convenience store chain with 1,401 stores in 11 states. Its net sales for fiscal 2005 totaled approximately $4.4 billion.
