The Pantry is adding to its ever-growing empire of convenience stores.
The Cary-based company announced this morning that it will buy 47 stores from Presto Convenience of Kansas.
The acquisition includes the real estate for 36 of the 47 stores; 44 stores are in Kansas and three are in Missouri. The Pantry expects to fund the deal with cash on hand.
The Pantry is already the largest independently operated convenience chain in the Southeast with 1,639 stores in 11 states.
The Presto stores generated revenue of approximately $194 million during the 12 months that ended in May. The acquisition is subject to regulatory approval but is expected to close in the first quarter of 2011.
Pantry CEO Terry Marks indicated in a statement that this wouldn't be the chain's last acquisition, saying, "This acquisition expands our geographic footprint and creates new fill-in opportunities for future growth."
Earlier this year, the Pantry announced plans to sell 80 properties that didn't fit its strategy, including 15 in North Carolina. The chain has been remodeling stores in the Triangle to add fresh food and better coffee.
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