Pantry Looks For Acquisitions

CHICAGO-The Pantry convenience-store chain has been buying out competitors over the last year and doesn’t plan to stop any time soon, said company executives yesterday here at the William Blair Annual Stock Growth Conference. The Sanford, NC-based chain, which operates about 1,400 stores mainly in the Southeast, is looking at acquisitions in the 20-store range.

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.