Pantry Acquires Six Fuel Mate Stores

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Pantry Acquires Six Fuel Mate Stores

08/15/2006
SANFORD, N.C. -- The Pantry Inc., operating more than 1,400 stores in eleven states, announced the completion of its acquisition of six Fuel Mate convenience stores in North Carolina. The stores, all located near the company's Sanford, N.C. headquarters, generated revenue of approximately $24 million in 2005, according to the company.

With the six additional stores, the Pantry's store base in North Carolina is now 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. However, the terms of the agreement were not disclosed.

The Pantry's net sales for fiscal 2005 totaled approximately $4.4 billion.