United Refining Co. of Pennsylvania has acquired the convenience retail assets of Pump N’ Pantry Inc., a regional chain with 14 convenience stores throughout central Pennsylvania. The process of rebranding the Pump N Pantry stores to be integrated into United Refining’s Kwik Fill and Red Apple c-store chains began immediately.
“We are very excited to begin serving current customers and reaching new ones in northeastern Pennsylvania,” said Jon Mechling, assistant vice president for Kwik Fill. “We intend to augment existing products and services that customers appreciate, with our own popular prepared foods, tradition of great customer service, and our American-made fuels. We are continuously driving our operations to be cost-effective and look forward to delivering value to all our new and existing customers.”
Montrose, Pennsylvania-based Pump N’ Pantry dates back to 1975 when Tom Quigg, after a successful career at Esso, purchased Seddon Lathrop Oil Co. At that time, the company was focused on residential heating oil distribution and had just two retail fuel locations. In 1988, the company sold the legacy heating oil business, and it rebranded as Pump N’ Pantry to strategically shift toward retail operations.
Scott Quigg, Tom’s son, joined the company in 1993 after having begun his career at Cumberland Farms. The pair invested in the company throughout the 1990s, acquired additional stores and introduced a proprietary foodservice offering in 1997. With an emphasis on pizza and deli items, they pushed the company toward its current strategic focus of providing a comprehensive in-store offering.
Scott Quigg purchased the company from his father in 2001 and immediately expanded Pump N’ Pantry further by acquiring six additional stores in northcentral Pennsylvania.
Independent investment bank Matrix Capital Markets Group Inc. advised Pump N’ Pantry on the sale. It provided merger-and-acquisition (M&A) advisory services including valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale. Andrew LoPresti, vice president of Richmond, Virginia-based Matrix, Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, John Mickelinc, senior associate, and Josiah Kitching, analyst, managed the transaction.
“Pump N’ Pantry first engaged Matrix in 2019 for planning and valuation services,” said Scott Quigg, CEO of Pump N’ Pantry. “Five years later. when we began the sale process, Matrix offered guidance, structure and market knowledge while being attentive to the needs and ideas of Pump N’ Pantry as a client. With the support of our team members, our communities, and our suppliers, my father and I worked to grow and evolve Pump N’ Pantry for 49 years. With the help of Matrix, we have now successfully completed the job.”
- United Refining is No. 22on CSP’s 2024 Top 202 ranking of U.S. c-store chains by store count.
Founded in 1902, Warren, Pennsylvania-based United Refining is an independent refiner of North American crude oil privately owned by John Catsimatidis, CEO of Red Apple Group. Along with the refinery, United owns and operates multiple terminals, and with the addition of the acquisition of Pump N Pantry, more than 400 retail locations throughout New York, Pennsylvania and Ohio. The company operates c-stores, gas stations, truckstops, restaurants and garages. The c-stores are branded Kwik Fill, Red Apple Food Marts and Country Fair. Each is a separate retail division, operated independently, with separate company headquarters and management staffs.
Kwik Fill offers a free Kwik Rewards Club Card that customers can use right at the pump to save three cents on every gallon. Additionally, customers who sign up for a Kwik Fill Charge Card and use it for payment can save an additional five cents per gallon.
“United Refining Co. will be a good steward of the enterprise,” said Cavalier of Matrix.
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