The Pantry (PTRY) Completes Acquisition of 38 Convenience Stores; Deal Accretive in 2010
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The Pantry, Inc. (Nasdaq: PTRY) has completed the previously disclosed acquisition of 38 convenience stores from Herndon Oil Corp. The stores operate under a variety of banners, including Flamingo, and are primarily located in the Mobile, Alabama market, with the remainder in Florida, Mississippi and Louisiana.
Of the 40 stores included when the acquisition was first announced, one has since been closed and another was subsequently removed from the transaction. The 38 acquired stores generated revenues of approximately $152 million for the 12 months ended May 2009.
The acquisition, which is expected to be accretive to the Company's earnings per share in fiscal 2010, was funded with cash on hand. Terms were not disclosed.
The Pantry, Inc. (Pantry) is an independently operated convenience store chain in the southeastern United States.[SM]
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