The Pantry Inc. has completed the previously disclosed acquisition of 47 convenience stores from Presto Convenience Stores LLC.
The stores operate under the Presto trade name and are located in Kansas with three stores in Missouri. The 47 acquired stores generated revenues of approximately $194 million for the 12 months ended May 2010.
The acquisition is expected to be accretive to the company’s earnings per share in fiscal 2011 and was funded with cash on hand. The acquisition includes the real estate underlying 36 of the stores. Terms were not disclosed.
Headquartered in Cary, N.C., The Pantry Inc., as of Dec. 1, 2010, operates 1,623 stores in 11 states under select banners, including Kangaroo Express, its primary operating banner.