The Pantry Completes Shop-a-Snak Food Mart Acquisition; Nets 38 Stores in Alabama

SANFORD, N.C. -- Convenience store chain The Pantry, Inc. completed the acquisition of Shop-A-Snak Food Mart, Inc., which operates 38 convenience stores in Alabama, in a deal that also includes dealer and fuel supply arrangements for several additional stores.

The acquisition doubles the size of the Company's Alabama store base to 76 stores. Shop-A-Snak Food Mart generated total revenues of approximately $123 million in 2005.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.

The Pantry, Inc. operated 1,458 stores as of March 30, in 11 states under the Kangaroo Express banner.
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