Kum & Go To Sell 22 Stores To Casey’s

Kum & Go and Casey’s General Stores, Inc. (Nasdaq: CASY) announced today that they have signed an Asset Purchase Agreement for Casey’s to acquire 22 convenience stores from Kum & Go. The stores are located in Iowa, Missouri and North Dakota.

“Our company is committed to carefully-planned, strategic growth – that’s evidenced by the fact that we’ll open 40 new stores this year alone,” said Kyle J. Krause, Kum & Go president and CEO. “It’s our continued desire to consolidate and strengthen our asset base and offer a consistent brand to our customers in Kum & Go’s core markets. The sale of these properties, in addition to our new store growth, brings us one step closer to carrying out that strategy.”

“These stores are an excellent fit to our existing store base and will allow us an opportunity to operate in a new state,” said Robert J. Myers, President and CEO of Casey’s. “We expect this acquisition to be accretive in the first year of operation and enhance future earnings as we integrate our prepared food operations.”

The following stores are included in the purchase agreement:
                     
    Address     City     State    
    210 N Main St     Sigourney     IA  
400 S Main St Osceola IA
744 Washington St Pella IA
413 A Ave W Oskaloosa IA
901 S Market St Oskaloosa IA
318 N Lincoln St Knoxville IA
1201 E Main St Knoxville IA
1400 E Washington St Clarinda IA
106 S 4th St Forest City IA
508 SE Kent St Greenfield IA
501 S Main St Monticello IA
919 W Washington St Marshfield MO
903 N Sumner Ave Creston IA
301 W Taylor St Creston IA
702 Chatburn Ave Harlan IA
204 S Main St Albia IA
3001 Main St Emmetsburg IA
916 E Main St Marshalltown IA
504 10th St Hawarden IA
503 S Franklin St Kirksville MO
112 N Main St Horace ND
1301 W Sheridan Ave Shenandoah IA
 

The acquisition is subject to certain regulatory approvals and other customary closing conditions, including the receipt of satisfactory inspection reports related to the stores. The transaction is expected to close in November 2012.

About Kum & Go, L.C.Please go to www.kumandgo.com to learn more about Kum & Go

About Casey’s General Stores, Inc.Please go to www.caseys.com to learn more about Casey’s General Stores

Copyright Business Wire 2010

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