The Pantry, an independently operated convenience store chain in the southeastern US, has announced that it has completed the acquisition of 23 convenience stores in Virginia from Angus I. Hines, which has been operating the stores under the Sentry Food Mart banner.
The stores generated total revenue of approximately US$122m in 2004, The Pantry said.
The company said the acquisition expands its 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. Terms of the transaction were not disclosed.