US: The Pantry purchases store cluster
US convenience operator The Pantry has signed an agreement to acquire 47 convenience stores.
The retailer is acquiring the stores from Presto Convenience Stores, which will include the real estate underlying 36 of the 47 locations.
Some 44 of the stores are located in Kansas with three in Missouri. The stores operate under the Presto banner and generated revenues of around US$194m during the 12 months to the end of May.
The acquisition, which is subject to regulatory approvals, is expected to close in the first quarter of fiscal 2011. The deal will be funded with cash on hand.
President and CEO Terrance Marks said: “This acquisition expands our geographic footprint and creates new fill-in opportunities for future growth. We expect this transaction to be accretive to earnings per share in the first 12 months after closing.”
In a separate announcement today, the company also announced the appointment of Mark Bierley as senior vice president and CFO, with effect from 27 September.
Bierley will replace Frank Paci, who has announced his intention to resign.
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