Corpus Christi, Texas, Susser Holdings Corp. said Friday it will acquire privately held convenience store chain Town & Country Food Stores for $361 million in cash.
Town & Country also owns locations for 14 potential future stores. The company’s president and CEO Alvin New will continue to run the stores after the acquisition is completed.
Susser will pay for the deal through debt and lease financing and excess cash. The acquisition is expected to close within 90 days and add to earnings in 2008, the report said.