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SANFORD, N.C. -- The Pantry Inc. has completed the acquisition of 23 convenience stores in Virginia from Angus I. Hines Inc., which has been operating the stores under the Sentry Food Mart banner. The stores generated total revenue of approximately $122 million in 2004.
The acquisition expands The Pantry's presence in Virginia to 53 stores, and is expected to be immediately accretive to the company's earnings per share. It was financed with a combination of cash on hand, the remaining proceeds from a forward equity sale agreement completed in October 2004, and lease financing. The terms of the transaction were not disclosed.
Headquartered in Sanford, N.C., The Pantry operates approximately 1,400 stores in 11 states under a number of banners, including Kangaroo Express, The Pantry, Golden Gallon, Cowboys and Lil Champ Food Store.