Maverik to acquire c-store chain Kum & Go
Maverik - Adventure’s First Stop is acquiring c-store operator Kum & Go and Solar Transport from the Krause Group. With the acquisition, the two family-owned convenience retailers will join forces under the same company.
Maverik will add Kum & Go’s fleet of over 400 locations across 13 states to its fleet; upgrading its footprint to over 800 units across 20 states. As part of the deal, Maverik and FJ Management, its parent company, will also acquire Solar Transport; a tank truck carrier and logistic provider also owned by the Krause Group.
“We have long admired the Kum & Go brand. Kyle and Tanner, and the generations before them, have built an exceptional business that pairs quality with convenience and puts people first,” said Chuck Maggelet, president and chief adventure guide of Maverik. “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. We look forward to welcoming Kum & Go and Solar Transport associates and stores to Maverik – Adventure’s First Stop.”
Convenience Store News Canada’s U.S.-based sister publication, Convenience Store News reported in February that Kum & Go was considering options including a refinancing, real estate leasebacks or other forms of recapitalization for its network of c-stores. At the time, sources familiar with the matter valued the c-store chain at close to US$2 billion.
Kyle Krause, Krause Group president and CEO, said, “Kum & Go has always been driven by a desire to innovate, grow and serve our customers, our communities and our people. Maverik has built its business in the same way and is ideally positioned to lead the next chapter of growth for Kum & Go. We have much in common and I look forward to welcoming Chuck’s leadership, his team and Maverik to Des Moines, which will always be the home of the Krause Group and important to our future.”
Kum & Go is a fourth-generation, family-owned company since it was founded in Hampton, Iowa in 1959.
Tanner Krause, president and CEO of Kum & Go, said, “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. Serving as President for the past five years has been the fulfillment of my lifelong dream. I’ve had the pleasure of knowing Chuck Maggelet for years and hold a lot of respect for him as a person and a business leader. I’m confident the Maggelets and Maverik will be good stewards of Kum & Go’s people and culture for generations to come.”
