Dive Brief:

• United Refining Co. has acquired Pump N Pantry, a chain of 14 convenience stores across central and northeast Pennsylvania, according to a news release on Monday.
• All 14 Pump N Pantry locations will be rebranded to United Refining’s Kwik Fill/Red Apple c-store banner, which already has a notable presence in northern Pennsylvania and upstate New York.
• The deal continues a run of small and mid-size family owned c-store retailers selling their businesses, a trend that gained momentum last year and that experts predicted would continue in 2024.

Dive Insight:

Pump N Pantry had been run by the Quigg family since its founding in 1975. After starting as a residential heating oil distribution business, the Montrose, Pennsylvania-based company shifted to c-stores in 1988 and formed the Pump N Pantry banner. The company emphasized its proprietary foodservice offering, which debuted in 1997.

The company first engaged Matrix Capital Markets, the advisory firm that coordinated the sale, in 2019, according to a July 15 announcement from Matrix.

Inflation, labor shortages and the shift to electric vehicles are among several challenges small and mid-size retailers are facing that have contributed to their exits from the industry. Smaller operators lack the same resources and economies of scale that bigger players have.

“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,” Pump N Pantry CEO Scott Quigg said in the announcement. “With the help of Matrix, we have now successfully completed the job.”

Now in control of Pump N Pantry’s stores, United Refining plans to augment the retailer’s existing products and services with its own prepared foods and private label fuel offering, Jon Mechling, assistant vice president for Kwik Fill, said in United Refining’s announcement.

“We are continuously driving our operations to be cost-effective and look forward to delivering value to all our new and existing customers,” Mechling said.

Founded in 1902, Warren, Pennsylvania-based United Refining operates over 400 c-stores across Pennsylvania, New York and Ohio under the Kwik Fill/Red Apple and Country Fair banners.