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53 Cowboy Stores Join Pantry

SANFORD, NC-The Pantry Inc. wraps up its acquisition of 53 Cowboys convenience stores.

By Jennifer D. Duell | Updated on April 25, 2005

SANFORD, NC-The Pantry Inc. has completed the acquisition of D & D Oil Co. Inc. of Rome, GA, which operates 53 convenience stores under the Cowboys banner in Alabama, Georgia and Mississippi. The deal was announced in February 2005, but financial details were not disclosed.

The Pantry says the acquisition was funded by available cash and $23.8 million in proceeds from a stock offering made in October 2004. The convenience store chain notes that Cowboys stores generated $320 million in revenue in 2004. According to Peter J. Sodini, the Pantry’s president and CEO, the Cowboys stores are large, modern facilities that generate high average volumes. The Cowboys portfolio includes 23 stores in Alabama, 29 stores in Georgia and one store in Mississippi. The acquisition is expected to be immediately accretive to earnings.

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