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SANFORD, N.C. -- The Pantry Inc., the leading independently operated convenience store chain in the southeastern U.S., has signed a definitive agreement to acquire 13 convenience stores in Alabama from Chatham Oil Co. Inc., which has been operating the stores under the Speedmart Food Stores banner.
Peter J. Sodini, president and CEO of The Pantry, said, "We are pleased to announce this acquisition, which strengthens our position in Alabama by adding stores that will complement the existing 25 stores we currently operate in that market. This transaction is consistent with our tuck-in acquisition strategy, which is focused on adding stores that enhance our market presence. Further, we expect the addition of these units to be immediately accretive to our earnings per share.”
The acquisition, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the company's fourth fiscal quarter. The company plans to finance the transaction with cash on hand. Terms of the acquisition were not disclosed.
Headquartered in Sanford, N.C., The Pantry operates nearly 1,400 stores in 11 states under a number of banners, including Kangaroo Express, The Pantry, Golden Gallon, Cowboys and Lil Champ Food Store.