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SANFORD, N.C. -- The Pantry, Inc. gained six Fuel Mate stores located near its Sanford, N.C.-based headquarters that generated $24 million in revenues last year.
In addition, The Pantry acquired another c-store in Gadsden, Ala., which will be re-branded to its Kangaroo Express banner. The Pantry also acquired a c-store from Lee-Moore Oil Company when it negotiated fuel supply arrangements, the company said.
The purchase of these eight stores will bring The Pantry's 2006 acquisitions to 107. The Pantry has already exceeded its 2005 acquisitions of 96 stores, according to the company.
The acquisition of the Fuel Mate stores is subject to regulatory approvals and will close in the companys fourth quarter. The transaction will be financed with cash on hand and lease financing. The terms of the acquisition were not disclosed.