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.
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.