Casey’s General Stores, Inc. (Nasdaq: CASY) today announced that it has signed a definitive purchase agreement to acquire 11 convenience stores from NuWay Cooperative of Trimont, Minnesota. All of the stores are located in Minnesota operating under the NuMart banner and will be immediately rebranded to Casey’s. “We are excited about this opportunity. These are well maintained locations that fit perfectly with the Company’s business model of operating in smaller rural communities and further strengthens our existing market presence in southern Minnesota,” said Robert J. Myers, President and CEO. The Company expects this acquisition to be immediately accretive to earnings and provide further earnings enhancements as operating efficiencies are realized and the prepared food program is added. The acquisition is subject to certain regulatory approvals and other customary closing conditions. The transaction is expected to close during the Company’s fourth fiscal quarter. The acquisition will be funded by existing cash and operating cash flow.
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