The Pantry to acquire 24 convenience stores
Dec 13, 2006 10:24 AM, from staff and wire reports
The Pantry Inc, an independently operated convenience store chain in the Southeast, has signed a definitive agreement to acquire 24 Sun Stop convenience stores in Florida, Georgia, and Alabama from Southwest Georgia Oil Co Inc. The stores generated revenues of about $110 million in 2005.
Peter J Sodini, chairman and chief executive officer of The Pantry, said, “This acquisition brings the number of stores acquired or agreed to acquire so far in fiscal 2007 to 57.”
Subject to regulatory approvals and other closing conditions, the acquisition is expected to close in the company’s second fiscal quarter. The Pantry plans to finance the transaction with a combination of cash on hand and lease financing. Terms were not disclosed.
Headquartered in Sanford NC, The Pantry operates 1,493 stores in 11 states under select banners, including Kangaroo Express, its primary operating banner.
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