The Pantry, Inc. (Nasdaq:PTRY), the second largest independently operated convenience store chain in the country, announced today that it has successfully completed the acquisition of eighteen new convenience stores located in Jackson, Mississippi. Seventeen of these stores, acquired from Metro Petroleum Company, Inc., are operating under the Amoco trade name and one is operating under the Chevron trade name. The two separate acquisition agreements were completed on September 14, 2000 and bring the Company’s total store count in the Mississippi market to 36. These acquisitions will be accretive to earnings by October.
The Company also announced that it completed the acquisition of five locations in a number of individual store transactions, which closed during July and August of this year. The acquired stores are located in North Carolina and South Carolina and are operating under various trade names including Amoco, British Petroleum, Shell, and Texaco. These agreements bring the Company’s total store count in North Carolina to 342 and in South Carolina to 251. The Pantry’s total acquired store count for fiscal year 2000 is 140.
Go deeper with GlobalData
Peter J. Sodini, President and Chief Executive Officer, commented, “With the addition of these stores we have experienced sizable growth in our newest state, Mississippi. Also, while The Pantry is already the largest convenience store operator in both North and South Carolina, these additions will serve to further solidify our presence in that region.”
Henry Burns, President of Metro Petroleum, added that “The Pantry is a first class, professional organization with an impressive track record. Our good employees should do very well there.”
Mr. Sodini concluded, “We are pleased that our expansion strategy remains on track and we have met our current acquisition target of 140 stores for fiscal 2000.”
The Pantry, Inc. is a leading convenience store operator in the southeastern United States and the second largest independently operated convenience store chain in the country. The Pantry currently operates 1,312 stores in suburban areas of rapidly growing markets, coastal/resort areas and smaller towns located in Florida, North Carolina, South Carolina, Georgia, Kentucky, Virginia, Indiana, Tennessee and Mississippi. These stores offer a broad selection of merchandise, gasoline, and ancillary services designed to appeal to the convenience needs of its customers.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCertain of the statements in this news release are forward looking statements and involve risks and uncertainties that could cause actual results to vary materially from the anticipated results, including without limitation, current and anticipated gasoline market conditions and its impact on anticipated gasoline margins and comparable store sales, the ability of the recent combined businesses to be integrated with the Pantry’s current operations, actual operating performance, actual costs of combining businesses, as well as risks related to the Pantry’s acquisition strategy, including the failure to achieve its annual target goal of 160 stores and the other risks detailed from time to time in the Pantry’s filings with the Securities and Exchange Commission, including without limitation, its Form S-1 Registration Statement, its annual report on Form 10-K, its current reports on Form 8-K and its other periodic reports, including quarterly reports on Form 10-Q.
