The Pantry

For other uses, see Pantry (disambiguation).
The Pantry Inc.
Company typePublicly traded company
Nasdaq: PTRY
IndustryConvenience store chain
Founded1967; 57 years ago (1967)
Defunct2015; 9 years ago (2015)
FateAcquired by Alimentation Couche-Tard, with most stores rebranded as Circle K
Headquarters
Cary, North Carolina
,
United States
Number of locations
1,537
Area served
Southeast United States
Key people
Dennis Hatchell (CEO)[1]

The Pantry, Inc. (Nasdaq: PTRY) was a publicly traded convenience store chain based in Cary, North Carolina that operated Kangaroo Express stores.[2] The Pantry was founded in 1967 by Sam Wornom and Truby Proctor, Jr. in Sanford, North Carolina[3] The company has been publicly traded since June 1999 and owned by investors since 1987, when then investor Montrose Capital purchased controlling shares from Wornom and Proctor. Recent CEOs have included the former chairman of the board and interim CEO Edwin J. Holman, who took over after Terrance M. Marks, the former president and CEO, resigned in December 2011.[4] (Marks had replaced the longtime former CEO Peter Sodini who had held office since 1996 until retiring in September 2009.) Dennis Hatchell was the CEO of the company as of 2012.[4]

The Pantry was one of the United States' largest convenience store chains and the leading independently operated chain in the southeastern U.S. As of September 29, 2014, the company operated 1,518 stores in thirteen states under several banners, including its primary operating banner Kangaroo Express. States include Alabama, Florida, Georgia, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Virginia.[2][5]

BP Gas Station with a Kangaroo Express store

On December 18, 2014, Quebec based Alimentation Couche-Tard, the parent company of Circle K, announced its plans to acquire The Pantry for $860 million (~$1.09 billion in 2023) all cash tender. The acquisition was completed in March 2015, increasing Couche-Tard's presence in the Southeast and Gulf Coast.[6] Most Kangaroo Express stores were converted to Circle K stores.[7] Couche-Tard later began to trial a revival of the Kangaroo Express banner for use as a franchise brand.[8]

  1. ^ Kress, Melissa (8 May 2012). "The Pantry's Fresh Initiative Gets Second Look". Convenience Store News. Retrieved 20 August 2020.
  2. ^ a b Morrison, Mitch (24 July 2003). "The Pantry Profits Climb". Convenience Store News. Retrieved 20 August 2020.
  3. ^ "History of The Pantry, Inc". FundingUniverse.com. 2001. Retrieved 7 February 2013.
  4. ^ a b Bierley, Mark (15 February 2012). "The Pantry Names Dennis G. Hatchell as President and Chief Executive Officer" (Press release). Archived from the original on 8 December 2014. Retrieved 20 August 2020.
  5. ^ Liebeck, Laura (7 November 2011). "From Good To Great". Convenience Store News. Retrieved 20 August 2020.
  6. ^ Ohnesorge, Lauren (18 December 2014). "Cary's The Pantry stores sells for $861M to Circle K parent". Triangle Business Journal. American City Business Journals. Retrieved 20 August 2020.
  7. ^ "Kangaroo Express - Learn More About Who We Are". Kangaroo Express. Retrieved 2019-02-17.
  8. ^ Lindenberg, Greg (January 21, 2022). "The Return of Kangaroo Express". CSP Daily News. Retrieved 2022-08-22.