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SANFORD, N.C.--The Pantry, Inc. completed the acquisition of Shop-A-Snak Food Mart Inc., which operates 38 convenience stores in Alabama.
The acquisition also includes dealer and fuel supply arrangements for several additional stores. Shop-A-Snak Food Mart generated total revenues of approximately $123 million in 2005.
The acquisition doubles the size of the company's Alabama portfolio to 76 stores. The transaction, which is expected to be immediately accretive to The Pantry's earnings per share, was financed with a combination of cash on hand and lease financing. Terms were not disclosed.