GAINESVILLE, Fla. -- Todd Rousseau, president of Rousseau Enterprises Inc., spent much of his day yesterday visiting his stores, explaining that eight of the nine sites had been sold to The Pantry Inc., in that chain's third acquisition announcement in less than a month.
The Pantry is buying the eight convenience stores in Gainesville and Ocala, Fla., as part of a planned expansion in Florida. We think the growth potential, particularly in Florida, [is great], Pantry chairman and CEO Peter Sodini said in late November. The whole southern part of [image-nocss] Florida is available. The panhandle, which we've just moved into, is available.
Specifically, the Rousseau purchase increases The Pantry's presence in Central Florida. "This acquisition adds to our market presence in Florida, where we have over 440 existing stores, said Sodini, and brings the number of stores we have acquired or agreed to acquire so far in fiscal 2007 to 65."
That growth includes 24 stores purchased from Southwest Georgia Oil Co. a week ago and 16 Angler's Mini-Marts bought in late November.
Rousseau Enterprises, Gainesville, Fla., will continue to operate one store, according to a source at the company. Attempts to reach Todd Rousseau for comment were unsuccessful at presstime as he conferred with his store employees, the source said.
The Rousseau stores operate under a variety of banners, including LeStore, and generated revenues of approximately $21 million in 2005, according to The Pantry. The acquisition, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the company's second fiscal quarter. The company plans to finance the transaction with a combination of cash on hand and lease financing. Terms were not disclosed.
Headquartered in Sanford, N.C., The Pantry is one of the largest independently operated convenience store chains in the country, with revenues for fiscal 2006 of approximately $6 billion. As of Sept. 28, 2006, the company operated 1,493 stores in 11 states under select banners, including Kangaroo Express, its primary operating banner.
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