The Pantry plans acquisition of 23 Sentry Food Mart convenience stores

17/06/05 The Pantry, Inc., the leading independently operated convenience store chain in the southeastern U.S., has announced that it has signed a definitive agreement to acquire 23 convenience stores in Virginia from Angus I. Hines, Inc., which has been operating the stores under the Sentry Food Mart banner. The 23 stores generated total revenue of approximately $122 million in 2004.

The acquisition, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the Company's fourth fiscal quarter. The Company plans to finance the transaction with a combination of cash on hand, the remaining proceeds from the previously disclosed forward equity sale agreement completed in October 2004, and lease financing. Terms of the acquisition were not disclosed.