The Pantry Acquires 47 Presto C-stores

CARY, N.C. -- The Pantry Inc. announced this week it completed the previously disclosed acquisition of 47 convenience stores from Presto Convenience Stores LLC.

The purchased c-stores, located in throughout Kansas and three in Missouri, operate under the Presto tradename and generated revenues of approximately $194 million for the 12 months ended in May 2010, the company stated. The acquisition includes the real estate underlying 36 of the stores.

While the terms of the acquisition were not disclosed, the acquisition is expected to be accretive to the company's earnings per share in fiscal 2011 and was funded with cash on hand, according to the company release.

The Pantry Inc. currently operates 1,623 c-stores in 11 states in the Southeast under select banners including Kangaroo Express, its primary operating banner.

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