SANFORD, N.C. -- Over the final six weeks of fiscal 2006, ended Sept. 28, 2006, regional convenience store retailer The Pantry Inc. acquired an additional five c-stores in Mississippi and Florida, including two in Florida's Panhandle, which marked The Pantry's initial entry into that market.
These acquisitions brought the number of stores acquired for the full fiscal year to 113, compared with 96 in fiscal 2005. Also, the chain opened five new large-format stores during fiscal 2006, it said in an update on its recent acquisition and new-store development [image-nocss] activity.
So far in fiscal 2007, the company has acquired seven stores in four separate transactionsin Tennessee, Mississippi and the Carolinas. It has also signed definitive agreements to acquire eight storesseven in Mississippi and one in Naples, Fla., which will be the company's first store in the south Florida market. Those transactions are expected to close during the first fiscal quarter.
We are pleased with the steady flow of these smaller, but strategically important, acquisitions that we have completed over the last three months, Chairman and CEO Peter J. Sodini said. The pipeline of potential deals looks especially promising for fiscal 2007. We also are continuing to ramp up our store development program, which should result in about 20 new store openings during fiscal 2007, to complement our acquisition strategy and accelerate our growth.
Headquartered in Sanford, N.C., The Pantry is a major 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 Sept. 28, 2006, the company operated 1,493 stores in 11 states under select banners including Kangaroo Express, its primary operating banner.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.