Convenience store chain The Pantry Inc today (Tuesday) announced that it has signed a definitive agreement to acquire 13 convenience stores in Alabama from Chatham Oil Company Inc which has been operating the stores under the Speedmart Food Stores banner.
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“We are pleased to announce this acquisition, which strengthens our position in Alabama by adding stores that will complement the existing 25 stores we currently operate in that market,” said president and CEO Peter J. Sodini. “This transaction is consistent with our tuck-in acquisition strategy, which is focused on adding stores that enhance our market presence. Further, we expect the addition of these units to be immediately accretive to our earnings per share.”
The acquisition, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the company’s fourth fiscal quarter. The company plans to finance the transaction with cash on hand. Terms of the acquisition were not disclosed.
