SANFORD, N.C. -- The Pantry Inc. said that it has completed the acquisition of Shop-A-Snak Food Mart Inc., which operates 38 convenience stores in Alabama.
The acquisition also includes dealer and fuel supply arrangements for several additional stores. Shop-A-Snak Food Mart generated total revenues of approximately $123 million 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 [image-nocss] per share, was financed with a combination of cash on hand and lease financing. Terms were not disclosed.
Headquartered in Sanford, N.C., The Pantry had net sales for fiscal 2005 of approximately $4.4 billion. As of March 30, 2006, the company operated 1,458 stores in 11 states under select banners including Kangaroo Express, its primary operating banner.
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