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The Pantry Acquires 66 Petro Express Stores

The Pantry Inc., Sanford, N.C., an independently operated convenience store chain in the southeastern United States, announced that it has signed a definitive agreement to acquire 66 Petro Express convenience stores in North Carolina (55) and South Carolina (11) from Petro Express Inc. The stores to

be acquired generated revenues of approximately $629 million for the 12 months ended October 2006. Additionally, the acquisition includes the wholesale fuels business of Carolina Petroleum Distributors of Charlotte Inc., which sells more than 100 million gallons of fuel annually to more than 450 commercial customers. The acquisition, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the company's third fiscal quarter.

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