The Pantry Inc., Sanford, N.C., an independently operated c-store chain in the Southeast, announced Tuesday that it had acquired 38 convenience stores from Herndon Oil Corp., using cash in hand, according to RTT News.
When plans for the acquisition were announced previously, the agreement included 40 stores, but in the meantime, one has since been shut down and another was removed from the transaction. The company expects the transaction to add to its earnings per share in fiscal 2010.
The newly acquired stores operate under a various names, including Flamingo, and are mostly located in Mobile, Ala., with the remainder in Florida, Mississippi and Louisiana. Last year the stores brought in revenues of nearly $152 million for the 12 months ended May 2009.
As at June 25, 2009, The Pantry operated 1,679 stores in 11 states under select banners, including its primary operating banner Kangaroo Express.