The Pantry to Acquire 138 Golden Gallon Convenience Stores

The Pantry to Acquire 138 Golden Gallon Convenience Stores
SANFORD, N.C.--(BUSINESS WIRE)--Aug. 25, 2003--The Pantry, Inc. (Nasdaq:PTRY), a leading convenience store retailer which operates about 1,300 stores in the southeast U.S., today announced that it has signed a definitive agreement to acquire the operating assets of 138 convenience stores operating under the Golden Gallon name from Ahold, USA. Golden Gallon was founded in 1959 and currently operates 90 stores in markets throughout Tennessee and 48 stores in northwest Georgia generating approximately $375 million in sales.

The acquisition will be funded by a combination of existing cash, sale leaseback financing and additional debt borrowings and is expected to be neutral to the Company's total leverage without incorporating any synergies. The transaction is anticipated to close during the early part of the fourth calendar quarter subject to regulatory approvals and other customary closing conditions. Terms of the acquisition were not disclosed.



Sphere: Related Content