Casey's General Stores Inc.
Casey's General Stores Announces Acquisition of 198 CEFCO Convenience Stores
Summary
Casey's General Stores, Inc. has entered into an agreement to acquire 198 retail stores and a dealer network from Fikes Wholesale, Inc. and CEFCO Convenience Stores for $1.145 billion in an all-cash transaction. The acquisition, expected to close during Q4 2024, will expand Casey's presence in Texas and the southern states, increasing its store count to nearly 2,900. The transaction is anticipated to be accretive to Casey's EBITDA in the current fiscal year and is expected to generate approximately $45 million in annual run-rate synergies. The deal is subject to customary closing conditions and regulatory approval.
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About Casey's General Stores Inc.
Casey's General Stores Inc. owns and operates convenience stores predominantly in the Midwest of the United States. The company provides a wide range of products including prepared food items such as pizza, snacks, and beverages, as well as gasoline and other convenience goods. As one of the largest convenience store retailers in the Midwest, Casey's General Stores plays a significant role in the regional retail landscape by not just offering a vast array of everyday essentials but also serving as fuel stations that cater to local and traveling commuters. It is renowned for its emphasis on freshly prepared food and quality customer service, which sets it apart from traditional gas station chains. Additionally, Casey's General Stores extends its impact across rural communities, often being an essential service provider in areas with limited access to broad shopping options. Headquartered in Ankeny, Iowa, the company's network of stores emphasizes convenience, making it a notable player in the consumer retail sector.
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