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SANFORD, N.C. -- The Pantry Inc. will buy 40 convenience stores and some land from Herndon Oil Corp. as it looks to enter the Mobile, Ala., market, reported Forbes.com.
Terms were not disclosed, but the company will pay for the transaction with available cash.
"This acquisition fills a gap in our existing store base and represents our initial entry into the attractive Mobile market," Chief Executive Peter J. Sodini said in a statement.
The deal also includes the underlying land of 32 of the stores, which operate under names including Flamingo, according to Forbes.com
The Pantry said 32 of the stores are in Alabama, six are in Florida and two are in Louisiana and Mississippi. The acquisition should close during the second half of fiscal 2009.