The independent convenience store chain The Pantry has completed the acquisition of 19 convenience stores in North Carolina from Lee-Moore Oil Company, which has been operating the stores under the TruBuy and On-The-Run banners. The stores generated total revenue of approximately US$66m in 2004.
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The acquisition also included various dealer fuel supply arrangements for 20 additional stores.
The acquisition, which is expected to be immediately accretive to The Pantry’s earnings per share, was financed with cash on hand and seller lease financing. Terms of the transaction were not disclosed.
