The Pantry To Acquire 19 Stores From Sanford Fuel Company
Posted December 8, 2005 8:38 a.m. EST
SANFORD, N.C. — Sanford-based
announced Thursday that it has agreed to acquire 19 convenience stores from
Lee-Moore Oil Company
, which operates under the names TruBuy and On-The-Run.
Thursday's acquisition is expected to close in the company's second fiscal quarter and will also include various dealer fuel supply arrangements for 20 additional stores.
The Pantry president and CEO, Peter J. Sodini, said the acquisition serves to "further strengthen" the company's position in North Carolina. The Pantry currently operates in about 1,400 stores in 11 southeastern states.
Net sales for The Pantry's 2005 fiscal year were approximately $4.4 billion, making it one of the leading independently operated convenience stores in the southeastern United States.
In 2004, the 19 stores to be acquired generated a total revenue of approximately $66 million, according to a news release by The Pantry.