Situation
Pump N’ Pantry, Inc. (“Pump N’ Pantry” or “Company”) dates back to 1975 when Tom Quigg, after a successful career at Esso, purchased Seddon Lathrop Oil Company. At that time, the Company was focused on residential heating oil distribution and had just two retail fuel locations. In 1988, the legacy heating oil business was sold, and the Company 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, Tom and Scott developed a strategic focus of providing a comprehensive in-store offering.

Scott purchased the Company from his father in 2001 and immediately expanded Pump N’ Pantry further via the acquisition of six stores in north-central Pennsylvania. With a commitment to premium offerings, excellent service, and modernization, the Quigg family has built one of the premier convenience retail companies in Pennsylvania.

After engaging Matrix to perform strategic market valuation updates over a five-year period, the shareholders decided to exit the industry to focus on retirement and diversify family wealth.

Objective
To customize, execute, and complete a confidential sale process that would allow Pump N’ Pantry’s shareholders to realize maximum after-tax value from the sale of the Company.

Solution
Matrix provided merger and acquisition advisory services to Pump N’ Pantry, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.

Multiple competitive offers were received for the Company, and United Refining Company (“United”) was ultimately selected as the acquirer.

Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.

The transaction with United closed in July 2024.