Convenience store operator The Pantry has agreed to acquire 16 Angler’s Mini-Mart convenience stores in South Carolina. The stores generated revenues of US$73m in 2005.
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Separately, the company reached definitive agreements to acquire two additional stores in North Carolina and Alabama.
Chairman and CEO Peter J. Sodini said: “These agreements are all strategic ‘tuck-in’ transactions that complement our existing store base and are expected to be immediately accretive to our earnings per share. They bring the number of stores we have acquired or agreed to acquire so far in fiscal 2007 to 33.”
The transactions, which are subject to regulatory approval and closing conditions, are expected to close in the company’s second quarter. The acquisitions will be financed with a combination of cash on hand and lease financing, the company said. Further terms were not disclosed.
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