By David Horn, N.C. News Network
SANFORD, N.C. — The Pantry, Inc. plans to purchase 40 additional stores. Most of the stores are located in Alabama with some also in Florida, Mississippi and Louisiana.
The North Carolina based convenience store chain agreed to purchase the stores from Herndon Oil Corp. using cash on hand. The value of the deal was not disclosed. The Herndon properties generated about $189 million during the 12 months ended June, 2008. The deal is expected to close in the second half of fiscal 2009.
“This acquisition fills a gap in our existing store base and represents our initial entry into the attractive Mobile market," said The Pantry's Chairman and Chief Executive Officer, Peter J. Sodini. "We expect this transaction to be accretive to our earnings per share in the first 12 months after closing.”
The Pantry, based in Sanford, already operates 1,648 stores in eleven states across the southeast. Many of the stores operate under the Kangaroo Express brand.
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