The Pantry, Inc, the leading independently operated convenience store chain in the southeastern US, has completed the acquisition of Shop-A-Snak Food Mart, which operates 38 convenience stores in Alabama.
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The acquisition also includes dealer and fuel supply arrangements for several additional stores. Shop-A-Snak Food Mart generated total revenues of approximately US$123m in 2005.
The acquisition doubles the size of the company’s Alabama store base to 76 stores.
The transaction, which is expected to be immediately accretive to The Pantry’s earnings per share, was financed with a combination of cash on hand and lease financing. Terms were not disclosed.
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