Sanford, N.C. The Pantry said Tuesday it has completed its acquisition of 38 convenience stores from Herndon Oil Corp. The previously announced purchase includes stores that operate in Alabama, 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 in May.
The acquisition was funded with cash on hand. Terms have not been disclosed.
The Pantry operates 1,679 stores in 11 states under banners that include its primary operating banner Kangaroo Express.