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SANFORD, N.C. -- The Pantry Inc., operator of 1,638 convenience stores in the southeastern U.S., entered into definitive agreements to acquire four stores through three transactions. The stores are located in Naples, Fla. -- the company's fifth in that market -- two in North Carolina and one in Alabama.
As reported first by CSNews Online on Friday, these agreements, which are subject to regulatory approvals and other customary closing conditions, are expected to close in the company's third fiscal quarter and financed with a combination of cash on hand and lease financing. Terms were not disclosed. A call to the company by CSNews Online for more information on the acquisition was not returned by press time.
The company also completed the acquisition of 11 convenience stores in the Spartanburg, S.C., market from Willard Oil Company Inc. The stores, operating under the Fast Phil's banner, generated revenues of approximately $38 million in 2006. The acquisition brings the number of stores The Pantry operates in the Spartanburg, S.C., market to more than 230.
"This strategic acquisition strengthens our market position in South Carolina," Peter J. Sodini, chairman and chief executive for The Pantry, said in a statement when the acquisition was announced.
In addition, the company completed the acquisition of a single store in Apex, N.C.
These transactions bring the total number of stores The Pantry has acquired or agreed to acquire in fiscal 2007 to 152.
In other Pantry news, the company will announce its second quarter 2007 earnings in a conference call that will be broadcast on its Web site on April 26 at 10 a.m.