The Pantry Expands in Virginia

The convenience store chain expects the 23-store deal to add to earnings.
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The Pantry

(PTRY)

completed the acquisition of 23 Sentry Food Mart convenience stores in Virginia from Angus I. Hines.

Terms weren't disclosed, but the stores generated revenue of $122 million in 2004. The acquisition expands The Pantry's presence in Virginia to 53 stores, and is expected to be immediately accretive to earnings per share.

Sanford, N.C.-based Pantry said the deal was financed with a combination of cash on hand, the remaining proceeds from a forward equity sale agreement completed in October 2004 and lease financing.

On Friday, The Pantry shares fell 40 cents to $35.96.