The Pantry to Acquire 24 Sun Stop C-Stores

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The Pantry to Acquire 24 Sun Stop C-Stores

SANFORD, N.C. -- As reported first by CSNews Online yesterday, The Pantry, Inc. signed a definitive agreement to acquire 24 Sun Stop convenience stores from Southwest Georgia Oil Company, Inc. The stores -- located in Florida, Georgia and Alabama -- generated revenues of approximately $110 million in 2005.

"We are pleased to announce this strategic acquisition, which marks our initial entry into the Tallahassee, Florida and southwest Georgia markets," said chairman and CEO Peter J. Sodini. "These stores will help fill in the gap between our large eastern Florida store base and our recent acquisitions in Florida's Panhandle."

The acquisition -- which is subject to regulatory approvals and other customary closing conditions -- brings the number of stores acquired or with agreements to acquire by the company to 57 in fiscal 2007.

The deal 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 of the agreement were not disclosed.