The Pantry Acquires Stores in South Carolina and Florida

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The Pantry Acquires Stores in South Carolina and Florida

SANFORD, N.C. -- The Pantry, Inc., operator of more than 1,500 convenience stores in the Southeast, signed definitive agreements to acquire single-stores in the Myrtle Beach, S.C. and Naples, Fla. markets. The Florida store will be the second for the company in that market.

Meanwhile, The Pantry also completed the previously announced acquisition of 16 Angler's Mini-Mart convenience stores in the Charleston, S.C. market. The stores generated revenues of approximately $73 million in 2005. The company also completed the acquisition of one c-store in its home base of Sanford, N.C.

"These agreements are all strategic 'tuck-in' transactions that complement our existing store base and are expected to be immediately accretive to our earnings per share," chairman and CEO Peter J. Sodini said when the acquisitions were announced.

These transactions were financed with a combination of cash on hand and lease financing. Terms of the agreements were not disclosed.