Former type
|
Publicly traded company |
---|---|
Traded as | NASDAQ: PTRY |
Industry | Convenience store chain |
Fate | Acquired by Alimentation Couche-Tard, with stores rebranded as Circle K |
Founded | 1967 |
Defunct | 2015 |
Headquarters | Cary, North Carolina, United States |
Number of locations
|
1,537 |
Area served
|
Southeast United States |
Key people
|
Dennis Hatchell (CEO) |
Website | www |
The Pantry, Inc. (NASDAQ: PTRY) was a publicly traded convenience store chain based in Cary, North Carolina that operates Kangaroo Express stores. The Pantry was founded in 1967 by Sam Wornom and Truby Proctor, Jr. 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. (Marks had replaced the longtime former CEO Peter Sodini who had held office since 1996 until retiring in September 2009.) Dennis Hatchell is the current CEO of the company as of 2012.
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.
On December 18, 2014; Quebec based Alimentation Couche-Tard, the parent company of Circle K, announced its plans to acquire "The Pantry, Inc." for $860 million all cash tender. The acquisition was completed in March, 2015. Couche-Tard operates more than 10,000 stores in multiple countries under the Circle K banner. The newly combined company will increase Couche-Tard's presence in the Southeast and Gulf Coast. Following the closing, all 1537 Kangaroo Express stores are expected to be rebranded under the Circle K banner by 2017.
It was the largest independently operated convenience store chain in the southeastern United States. The Pantry expanded rapidly during the late 1980s into the 2000s through various acquisitions. In 2008, it was announced that all Pantry stores would be rebranded under its primary operating banner, Kangaroo Express. In 2009, the company moved its headquarters from Sanford, North Carolina, to Cary, North Carolina.
The Pantry offered its own private label "Kangaroo" brand of gasoline, and operates 250 in-store quick-service restaurants. Additionally, 285 stores sell Marathon gasoline under a co-branding agreement.
The Kangaroo Express chain offered "Bean Street Coffee Company", its own brand of coffee, and its own private label for selected merchandise, and Roo's Water its own label for bottled water. Company promotions included "Freeze the Swamp" in Florida, "The Battle for Bean Street" in North Carolina's Triangle Area stores, Salute Our Troops, and Roo Cup.
In 2009, then-new CEO Terrance M. Marks announced that all its stores would expand their food service offerings to include fresh fruits, improved sandwiches, and more merchandise options. Select stores offer fast food outlets such as Subway and Taco Bell.
In 2010, its "Fresh Initiative" was announced to improve the Bean Street Coffee Service, revamp nearly all Kangaroo Express stores, and add more appealing meals and snacks. The program was planned to encompass all stores by end of 2012.
More than half of Kangaroo Express stores were located within 25 miles of a military installation. The company has raised millions of dollars each year for military support organizations as part of its summer-long Salute Our Troops fundraising campaign.
In 2014, the first military-themed Kangaroo Express store opened in Fayetteville, North Carolina. Kangaroo Express hosted a round table at the USO of North Carolina Fort Bragg Center to collect input from servicemen and women, their spouses and children, and the store design was developed as a direct result of their feedback.
2015-01-08 | Downgrade | Wells Fargo & Co. | Outperform to Market Perform | |
2015-01-08 | Downgrade | Wells Fargo | Outperform to Market Perform | |
2014-12-19 | Downgrade | RBC Capital | Sector Perform to Underperform | $26.00 to $36.75 |
2014-12-19 | Downgrade | Royal Bank Of Canada | Sector Perform to Underperform | $26.00 to $36.75 |
2014-11-26 | Boost Price Target | Deutsche Bank | Hold | $24.00 to $26.00 |
2014-11-26 | Boost Price Target | Deutsche Bank AG | Hold | $24.00 to $26.00 |
2014-10-08 | Reiterated Rating | Deutsche Bank | Hold | $18.00 to $24.00 |
2014-10-08 | Boost Price Target | RBC Capital | Sector Perform | $19.00 to $20.00 |
2014-08-22 | Downgrade | Sidoti | Buy to Neutral | |
2014-07-31 | Reiterated Rating | Deutsche Bank | Hold | $16.00 to $18.00 |
2014-05-28 | Upgrade | Macquarie | Neutral to Outperform | $29.00 to $14.00 |
2014-04-07 | Boost Price Target | Deutsche Bank | Hold | $13.00 to $16.00 |
2014-04-02 | Upgrade | Benchmark Co. | Hold to Buy | $18.00 |
2014-02-21 | Initiated Coverage | Macquarie | Neutral | |
2013-12-27 | Downgrade | The Benchmark Company | Buy to Hold | $16 to $18 |
2013-12-27 | Downgrade | Benchmark Co. | Buy to Hold | $16.00 to $18.00 |
2013-09-25 | Initiated Coverage | Deutsche Bank | Hold to Hold | $13.00 |
2011-05-11 | Reiterated | The Benchmark Company | Buy | $20 to $24.50 |
2011-04-08 | Initiated | The Benchmark Company | Buy | $20 |
2009-12-31 | Initiated | Global Hunter Securities | Neutral | $15.50 |
2009-11-24 | Upgrade | BMO Capital Markets | Market Perform to Outperform | $16 to $17 |
2009-09-15 | Initiated | RBC Capital Mkts | Sector Perform | |
2009-04-29 | Reiterated | FBR Capital Markets | Mkt Perform | $17 to $21 |
2009-02-03 | Reiterated | Friedman Billings | Mkt Perform | $20 to $17 |
2009-01-26 | Downgrade | Friedman Billings | Outperform to Mkt Perform | $20 |
2008-08-15 | Downgrade | Friedman Billings | Outperform to Mkt Perform | $18.50 |
2008-08-01 | Reiterated | Friedman Billings | Outperform | $13.50 to $18.50 |
2008-06-26 | Upgrade | Friedman Billings | Mkt Perform to Outperform | $13.50 |
2008-06-26 | Upgrade | |||
2008-04-11 | Reiterated | Lehman Brothers | Overweight | $36 to $33 |
2015-01-08 | Downgrade | Wells Fargo & Co. | Outperform to Market Perform | |
2015-01-08 | Downgrade | Wells Fargo | Outperform to Market Perform | |
2014-12-19 | Downgrade | RBC Capital | Sector Perform to Underperform | $26.00 to $36.75 |
2014-12-19 | Downgrade | Royal Bank Of Canada | Sector Perform to Underperform | $26.00 to $36.75 |
2014-11-26 | Boost Price Target | Deutsche Bank | Hold | $24.00 to $26.00 |
There is presents forecasts of rating agencies and recommendations for investors about this ticker
In PTRY 2 funds of 2213 total. Show all
Fund name | Ticker shares |
---|---|
Loeb Offshore Management LP | 25001 |
SpiderRock Trading LLC | 300 |
Name Relationship | Total Shares | Holding stocks |
---|---|---|
Lemerise Paul SVP, Chief Information Officer | 0.46% (107213) | PTRY / |
Fisher John Joseph SVP, Marketing | 0.44% (102801) | BOBE / PTRY / |
Venezia Patrick J SVP, Operations | 0.16% (36415) | PTRY / |