Casey’s General Stores, Inc. (Nasdaq: CASY) and Kum & Go announced today that they have signed a definitive purchase agreement for Casey’s to acquire 22 convenience stores from Kum & Go. All 22 stores are located in Iowa operating under the Kum & Go banner. The stores will be immediately rebranded to Casey’s once the transaction is completed.
According to Kum & Go Owner, President and Chief Executive Officer Kyle J. Krause, the proceeds generated by this sale will be reinvested in Kum & Go’s 400+ remaining stores and used to drive the company’s long-term business and growth strategies.
“I extend my sincere appreciation to our associates and loyal customers in these communities for the important role that they have played in Kum & Go’s history and the overall success of these stores,” stated Mr. Krause.
“These stores are predominantly in rural Iowa locations,” said Casey’s President and Chief Executive Officer Robert J. Myers. “These types of communities have proven to be an excellent fit for our business model and we are very excited to implement our proprietary prepared food program.”Casey’s expects this acquisition to be immediately accretive to earnings in their first full year of operation. The acquisition is subject to certain regulatory approvals and other customary closing conditions. The transaction is expected to close in July 2011 and will be funded by existing cash and cash flow. Below, a list of the 22 stores and their addresses:
|1.||ARMSTRONG||307 S. Fourth Avenue|
|3.||BRITT||576 N. Main Avenue|
|4.||BROOKLYN||106 W. Second Street|
|5.||CARROLL||613 W. U.S. Hwy 30|
|6.||CEDAR FALLS||601 Main Street|
|7.||CENTERVILLE||830 N. 18 th Street|
|8.||CENTERVILLE||401 W. Maple|
|9.||CHARITON||335 N. Main|
|10.||CHEROKEE||1200 N. Second Street|
|11.||CHEROKEE||242 E. Main Street|
|12.||ELK RUN HEIGHTS||5202 Lafayette|
|13.||ESTHERVILLE||103 Central Avenue|
|14.||ESTHERVILLE||1615 Central Avenue|
|15.||GARNER||145 Highway 18 W.|
|16.||IOWA FALLS||904 Washington|
|17.||MEDIAPOLIS||208 Wapello Street|
|18.||SHELDON||519 Second Avenue|
|19.||SHELDON||504 Second Avenue|
|20.||ST. CHARLES||209 E. Main Street|
|21.||STORM LAKE||825 Flindt|
|22.||WASHINGTON||304 E. Washington Street|
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