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Pump N’ Pantry Sells to United Refining Co.
Fourteen stores will be rebranded and integrated into the Kwik Fill/Red Apple chain.
By: Angela Hanson, 7/16/2024
MONTROSE, Pa., & WARREN, Pa. — Pump N’ Pantry Inc. and its affiliates will exit the convenience store industry upon the sale of its convenience retail assets to United Refining Co. The process of rebranding 14 Pump N’ Pantry stores to be integrated into United Refining’s Kwik Fill/Red Apple chain is expected to begin immediately.
“We are very excited to begin serving current customers and reaching new ones in northeastern Pennsylvania,” said Jon Mechling, assistant vice president at 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.”
Mechling added that the company is continuously driving its operations to be cost effective and looks forward to delivering value to both new and existing customers.
Based in central Pennsylvania, Pump N’ Pantry’s operations date back to 1975 when Tom Quigg purchased Seddon Lathrop Oil Co., which focused on residential heating oil distribution and had just two retail fuel locations. After selling the legacy heating oil business in 1988, the company rebranded as Pump N’ Pantry to strategically shift toward retail operations.
Tom Quigg’s son Scott joined the company in 1993 after a career at Cumberland Farms. Together, they invested in Pump N’ Pantry throughout the 1990s by acquiring additional stores and introducing a proprietary foodservice offering. The company’s emphasis on pizza and deli items pushed it toward its current focus on in-store offerings. Scott Quigg purchased Pump N’ Pantry from his father in 2001 and became CEO, after which he acquired six more stores.
Matrix Capital Markets Group Inc. provided merger-and-acquisition advisory services to Pump N’ Pantry, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale.
“Pump N’ Pantry first engaged Matrix in 2019 for planning and valuation services. 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,” said Scott Quigg. “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.”
Founded in 1902, Warren-based United Refining is a refiner of North American crude oil. The company owns and operates multiple terminals and more than 400 retail locations throughout New York, Pennsylvania and Ohio.