C-store chain Kum & Go acquired by Maverik
A family-owned convenience store chain that was founded 63 years ago is being acquired.
Maverik – Adventure’s First Stop and its parent company, FJ Management, have acquired Kum & Go, a family-owned convenience store chain with more than 400 locations across 13 states, from Krause Group. Financial terms were not disclosed.
Maverik operates nearly 400 locations across 12 Western states. The combination of Kum & Go and Maverick will result in a combined footprint of more than 800 locations in 20 states across the Midwest and Rocky Mountain regions with a differentiated value proposition across fuel, foodservice and in-store offerings.
As part of the deal, Maverik will also acquire Solar Transport, a tank truck carrier and logistic provider owned by the Krause Group.
Established in Hampton, Iowa in 1959, Kum & Go is a fourth-generation, family-owned convenience store chain led by Tanner Krause, president and CEO. Kyle Krause serves as president and CEO of Krause Group.
[Read More: C-store retailer Kum & Go enters new state amid ongoing expansion]
“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.”
The transaction is expected to close in the coming months and is subject to customary closing provisions.
“This is the most momentous day in the 63-year history of our family business,” said Tanner Krause. “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’m confident the Maggelets and Maverik will be good stewards of Kum & Go’s people and culture for generations to come.”
BofA Securities and BMO Capital Markets Corp. served as financial advisors to FJ Management. Kirkland & Ellis LLP served as FJ Management’s legal advisor. J.P. Morgan Securities LLC served as financial advisor to Krause Group. Vedder Price served as Krause Group's legal advisor.