The Pantry Closes on Fuel Mate Purchase
Deal adds six more stores
SANFORD, N.C. -- The Pantry Inc. has completed the acquisition of six Fuel Mate convenience stores in North Carolina. The stores, all located near the company's headquarters in Sanford, N.C., generated revenues of approximately $24 million in 2005.
The acquisition increases the size of the company's store base in North Carolina to 330 stores. The transaction is expected to be immediately accretive to The Pantry's earnings per share and was financed with a combination of cash on hand and lease financing.
Terms were not [image-nocss] disclosed.
The Pantry Inc. is a 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 March 30, 2006, the company operated 1,458 stores in 11 states under several banners.