Cary, N.C.-based The Pantry Inc., operator of Kangaroo Express, is purchasing 47 Presto Convenience Stores throughout Kansas and Missouri, including five in the Kansas City metro area.
The locations-all but three of which are in Kansas-reported a revenue of about $194 million during the year that ended last May.
The deal is expected to close during the last three months of the year, pending regulatory and other approvals, and includes the real estate under 36 of the stores, which operate under the Presto banner.
With most of the Pantry’s 1,639 c-stores-most of which run under the Kangaroo Express banner-in the Southeast, this acquisition gives the company a chance to spread its footprint.
It “creates new fill-in opportunities for future growth” and should add to earnings per share within 12 months of closing, The Pantry CEO Terrance Marks said.
Presto began as a single service station in Scott City, Kan.
“This move by The Pantry is a strong vote of confidence in our sites and in the communities we serve,” Presto President Terry Presta. “Because of The Pantry’s vast resources and strong management, this sale will be very positive for our employees and customers.”