Convenience Store News - July 2018 - 16
stores during summer
drives are to use
the bathroom (96
percent), get gas
(95 percent), and
buy food or drinks
- NACS Summer Drive Study
sales were up 3.5
percent over the
2018 Memorial Day
partly by gas prices
that neared $3
- Wells Fargo Securities
LLC's Beverage Buzz Survey
Fourteen percent of
alternatives such as
almond milk, tofu and
veggie burgers; 84
percent of them don't
vegan or vegetarian.
- The NPD Group
Is Thorntons the Next Big M&A Deal?
The chain declines to comment on reports it retained
an investment banker to explore a sale
IN THIS ALREADY BUSY MERGER-ANDACQUISITION YEAR, Thorntons Inc. may
de Petróleos de Chile COPEC S.A.
be next to find new ownership. However,
the convenience store retailer declined to
comment on recent speculation that it is
exploring a sale.
Ankeny, Iowa-based Casey's General Stores
Inc. "could even be a buyer given the
challenge it has in gaining the scale necessary
to avoid being a takeover candidate,"
according to OPIS.
"While we don't comment on rumor or
speculation, we see great growth ahead for
Thorntons this year and in future years, and
we are very happy with our business," the
company told Convenience Store News.
In mid-June, Oil Price Information
Service (OPIS) reported that Thorntons
is considering hanging a for-sale sign on
the chain. Specifically, OPIS reported the
Louisville, Ky.-based company retained
investment banker Lazard to explore selling
its retail operations.
"M&A experts polled by OPIS believe there
will be strong interest from consolidators, as
well as from companies that might view the
Thorntons properties as a means of expanding
in some key geography," stated Tom Kloza,
global head of energy analysis at OPIS.
Thorntons operates 192 stores in Kentucky,
Illinois, Indiana, Ohio, Tennessee and Florida.
"Marathon [Petroleum Corp.] might be
the most logical suitor, but would likely run
into Federal Trade Commission issues, where
its Speedway or Marathon brands overlap with
the private brand," Kloza said. "Marathon also
has its hands full in what will be a multiquarter
digestion of Andeavor refining, marketing and
OPIS named several well-known c-store
industry players as potential bidders,
including Irving, Texas-based 7-Eleven Inc.
and Brentwood, Tenn.-based MAPCO, which
is owned by the U.S. subsidiary of Compañía
Founded in 1971 by James H. Thornton,
the Thorntons chain is known for its "Real
Kitchen. Real Food." fresh food program
and offering E15 at the pump under its
Unleaded15 trademarked brand name.
16 Convenience Store News C S N E W S . c o m