The Pantry acquires 39 Interstate Food Stops
The acquisition expands The Pantry's presence in Mississippi and Louisiana to a total of 100 stores, and is expected to be immediately accretive to the Company's earnings per share.
20/02/06 The Pantry, Inc., the leading independently operated convenience store chain in the southeastern U.S., has announced that it has completed the acquisition of 39 convenience stores in Mississippi and Louisiana from Waring Oil Company, LLC, which has been operating the stores under the Interstate Food Stops banner. The stores generated total revenue of approximately $100 million in 2004.
The acquisition expands The Pantry's presence in Mississippi and Louisiana to a total of 100 stores, and is expected to be immediately accretive to the Company's earnings per share. The transaction was financed with cash on hand and seller lease financing. Terms were not disclosed.
Headquartered in Sanford, North Carolina, The Pantry, Inc. is the leading independently operated convenience store chain in the southeastern United States and 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 December 29, 2005, the Company operated 1,401 stores in eleven states under select banners including Kangaroo Express(SM), our primary operating banner, Golden Gallon(R), and Cowboys(SM). The Pantry's stores offer a broad selection of merchandise, as well as gasoline and other ancillary services designed to appeal to the convenience needs of its customers.
