DES MOINES, Iowa — Iowa-based convenience store chain Kum & Go will soon be under new ownership.
Maverik – Adventure’s First Stop, a western U.S. gas station and convenience store brand, along with its parent company, FJ Management, announced the deal Friday.
"We've got news," Kum & Go said in a tweet.
The purchase of the Krause Group's Kum & Go and Solar Transport brands will create a "best-in-class convenience store operator across the Midwest and Rocky Mountain regions," Maverik said in a press release.
Maverik currently has locations in Arizona, California, Colorado, Idaho, New Mexico, Nebraska, Nevada, Oregon, South Dakota, Utah, Washington and Wyoming.
Kum & Go operates over 400 locations in 13 states.
The purchase will give Maverik a combined footprint of over 800 storefronts across 20 states.
A statement from Chuck Maggelet, President and Chief Adventure Guide of Maverik, reads in part:
“We have long admired the Kum & Go brand ... We are honored to carry their legacy forward as we build on Kum & Go’s strong operating and innovation capabilities and expand our adventurous convenience experience."
Of the acquisition president and CEO of Kum & Go Tanner Krause said in part:
“This is the most momentous day in the 63-year history of our family business. My family has worked for four generations to create and build Kum & Go into a business that has done an incredible amount of good for our people, for Iowa and beyond ... I’m confident the Maggelets and Maverik will be good stewards of Kum & Go’s people and culture for generations to come.”
The transaction is expected to finish in the next few months. The financial terms of the transaction were not immediately disclosed.
YouTube Short: Kum & Go to be acquired by Maverik convenience store chain