Company News

The Pantry Tucks In Three Stores

Completes acquisition of Charleston properties

SANFORD, N.C. -- The Pantry Inc. said it has completed the acquisition of three convenience stores and one development site in Charleston, S.C.

We are pleased to complete this tuck-in acquisition in Charleston, said Peter J. Sodini, The Pantry's president and CEO. These stores will add to our existing presence of approximately 50 stores in the attractive Charleston market. We will immediately convert the stores to our Kangaroo Express banner with one store offering BP gas and the other two stores offering our private-label Kangaroo gas.

The Pantry declined to offer any additional details on the stores or to identify the seller, but described the original owner as an individual operator, added a report by the Triangle Business Journal. Financial terms of the deal were not disclosed.

Headquartered in Sanford, N.C., The Pantry is a major independently operated c-store chain in the southeastern United States and one of the largest independently operated c-store chains in the country, with net sales for fiscal 2004 of approximately $3.5 billion.

As of April 28, 2005, the company operated 1,390 stores in 11 states under a number of banners including Kangaroo Express, The Pantry, Golden Gallon, Lil Champ Food Store and Cowboys.

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