Report: The Pantry readies for sale

Cary, N.C. – Things are hopping at convenience store/gas station chain The Pantry Inc. According to the Wall Street Journal, the operator of Kangaroo Express and other convenience store banners is preparing to sell itself and already took bids in an auction run by a private investment bank the week of Dec. 8.



There is no word on who submitted the highest bid, but sources indicated a winner may be announced in days. The Pantry operates more than 1,500 stores in 13 states, with fuel making up $5.7 billion of its $7.5 billion revenue in fiscal 2014, and is currently valued at about $625 million. A takeover bid could run as high as roughly $850 million.



Pantry stock value has risen 72% during calendar 2014. Pantry executives recently said falling oil prices actually help its revenues, as cheaper gas causes consumers to make more fuel purchases.