Mergers & Acquisitions

Thorntons Going on the Block?

Retailer reportedly exploring sale

LOUISVILLE, Ky. – Independent convenience-store company Thorntons Inc. is exploring a possible sale, according to a report by The Louisville Courier Journal, citing Oil Price Information Service (OPIS).

OPIS reported that Thorntons has retained investment banker Lazard to examine selling the 192-store network. The retailer operates stores in Kentucky, Indiana, Illinois, Ohio, Tennessee and Florida.

Potential acquirers include Marathon Petroleum Corp., Findlay, Ohio, which owns the Speedway c-store chain; 7-Eleven Inc., Irving, Texas; Compania de Petroleos de Chile (COPEC), Brentwood, Tenn., which owns the Mapco chain; and Casey’s General Stores Inc., Ankeny, Iowa, said a separate report by WDBR, also citing OPIS.

The chain's c-stores feature the “Real Kitchens, Real Food” premium foodservice program. It also offers the Refreshing Rewards loyalty program. The chain has 29 sites in the Chicago area, its largest market, that offer E15, the 15% ethanol blend, with plans for more sites.

  • Thorntons is No. 41 in CSP’s 2017 Top 202 ranking of c-store chains by number of company-operated retail outlets.

Citing multiple sources, OPIS confirmed that Lazard is working with Thorntons, the Courier Journal said.

In response to a CSP Daily News request for comment, a spokesperson for Louisville, Ky.-based Thorntons said, "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."

Photo courtesy of CSP. 

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