The Pantry Inc convenience store chain has acquired 66 Petro Express convenience stores in North and South Carolina from Petro Express Inc.
April 9, 2007
The Pantry Inc convenience store chain has acquired 66 Petro Express convenience stores in North and South Carolina from Petro Express Inc. The stores generated revenues of approximately $629 million for the 12 months ended in October 2006. This acquisition also includes the wholesale fuels business of Carolina Petroleum Distributors of Charlotte Inc.
Peter J Sodino, chairman and chief executive officer of The Pantry, said, “We believe the addition of Petro Express significantly strengthens our presence in the Charlotte market and provides us with an excellent platform for future growth in one of the Southeast’s fastest-growing metropolitan areas. Not only does Petro Express command a leading market position, but its stores are primarily large, modern facilities that generate average revenues well above those of any previous acquisition in the company’s history.”
The $275 million purchase price was financed with about $160 million of sale-leaseback proceeds and some $115 million in cash. In connection with the acquisition, the firm exercised its right to add $100 million to the existing term loan under its senior secured credit facilities.
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