Convenience store chain Town & Country sold

Staff and wire reports

CORPUS CHRISTI, Texas — Convenience store operator Susser Holdings Corp. said Friday it will acquire privately held convenience store chain Town & Country Food Stores for $361 million in cash.

Town & Country operates 168 convenience stores in Texas and New Mexico, incluidng 28 locations in eastern New Mexico. Town & Country also owns locations for 14 potential future stores.

Town & Country’s president and chief executive, Alvin New, will continue to run the stores after the acquisition is completed.
Local Town & Country management could not be reached for comment Friday night.

Susser runs 330 convenience stores in Texas and Oklahoma.

Susser will pay for the deal through debt and lease financing and excess cash. The acquisition is expected to close within 90 days and add to earnings in 2008.