CINCINNATI—The nation's largest grocery operator by revenue is exploring a sale of its convenience store business. The Kroger Co. said Wednesday it had hired Goldman Sachs to identify, review and evaluate options for its 784 C-store properties, which operate under five different banners in 18 states.

“Our convenience stores are strong, successful and growing with the potential to grow even more,” says CFO Mike Schlotman. “We want to look at all options to ensure this part of the business is meeting its full potential. Considering the current premium multiples for convenience stores, we feel it is our obligation as a management team to undertake this review.”

Kroger's convenience store business generated revenue of $4 billion and sold 1.2 billion gallons of fuel in 2016, with fuel sales accounting for more than half the revenue. It operates under the Turkey Hill Minit Markets, Loaf 'N Jug, KwikShop, Tom Thumb and Quik Stop banners, and has generated 62 consecutive quarters of same-store sales growth. The business includes 68 franchise operations.