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SANFORD, N.C. -- The Pantry Inc., operator of more than 1,550 convenience stores in the southeastern United States, signed agreements to acquire 11 c-stores in the Spartanburg, S.C. market from Willard Oil Co. Inc. The stores operate under the Fast Phil's banner and generated revenues of approximately $38 million in 2006.
This acquisition brings the total number of stores The Pantry has acquired or agreed to acquire to 147 in 2007, and increases the number of stores it operates in the market to more than 230, chairman and chief executive, Peter J. Sodini, said in a written statement. "This strategic acquisition strengthens our market position in South Carolina," he added.
The acquisition, which is expected to be immediately accretive to the company's earnings per share, is subject to regulatory approvals and other customary closing conditions. The closing is anticipated in the company's third fiscal quarter of 2007. The purchase will be financed with cash on hand and lease financing. Terms were not disclosed.
In other Pantry news, the company completed the previously-announced acquisition of a single convenience store in Myrtle Beach, S.C.