Pantry is currently in the process of closing a deal on 23 units in Virginia from Angus I. Hines Inc. under the Sentry Food Mart banner. In April it completed the purchase of 53 Cowboys stores from D & D Oil Co. Inc.

"Acquisitions will continue to be our primary vehicle," said Peter Sodini, the company's president and CEO. "People are leaving this business, and they should be leaving this business." Sodini explained that chains with 100 stores are less can't survive because they will have trouble competing with larger players; therefore, they are ripe for acquisition.

Pantry will most likely keep its store purchases in the Southeast, but could look at other regions if the right deal came along, Sodini said. "It would have to be a large acquisition of 150 to 200 stores," he said, but stressed that there is "ample opportunity to grow" in its own region.