Lee-Moore Oil Exiting C-Store Operating Business
SANFORD, N.C. -- Following up on its plans to exit the convenience store operating and motor fuel business, Lee-Moore Oil Co. sold 19 of its 22 stores to The Pantry Inc. on Thursday.
"The saturation of c-stores in the North Carolina area makes it a very competitive market," Kirk Bradley, president and CEO of Lee-Moore Oil, told CS News Online . "With big competitors like Wilco, The Pantry and Sheetz, it is a very difficult time for small and medium-sized stores to make a go."
Bradley told CS News Online their three remaining stores will be disposed of outside of the current Pantry transaction.
Operating under the banners of TruBuy and On The Run, the 19 stores generated approximately $66 million in total revenue during 2004.
Sanford, N.C.-based The Pantry expects to close the deal during the fiscal second quarter. The agreement will also give fuel supply contracts to The Pantry for an additional 20 stores currently supplied by Lee-Moore Oil Co.
Financial terms of the acquisition were not disclosed.
Thursday's announcement follows a 39-store acquisition by The Pantry from Waring Oil Co. announced on Nov. 30. That deal is expected to close during the fiscal second quarter as well.
"The saturation of c-stores in the North Carolina area makes it a very competitive market," Kirk Bradley, president and CEO of Lee-Moore Oil, told CS News Online . "With big competitors like Wilco, The Pantry and Sheetz, it is a very difficult time for small and medium-sized stores to make a go."
Bradley told CS News Online their three remaining stores will be disposed of outside of the current Pantry transaction.
Operating under the banners of TruBuy and On The Run, the 19 stores generated approximately $66 million in total revenue during 2004.
Sanford, N.C.-based The Pantry expects to close the deal during the fiscal second quarter. The agreement will also give fuel supply contracts to The Pantry for an additional 20 stores currently supplied by Lee-Moore Oil Co.
Financial terms of the acquisition were not disclosed.
Thursday's announcement follows a 39-store acquisition by The Pantry from Waring Oil Co. announced on Nov. 30. That deal is expected to close during the fiscal second quarter as well.