Casey's to Acquire 63 C-stores From EG America
ANKENY, Iowa — Casey's General Stores Inc. reached a deal to acquire 63 convenience stores from EG America.
The c-stores are located in Kentucky and Tennessee, and currently operate under the Minit Mart and Certified Oil banners.
The two retailers expected the transaction to close later this year subject to customary regulatory approvals. Casey's is expected to retain the impacted employees at each store, and EG America is cooperating to make their transition as seamless as possible, they said.
Westborough, Mass.-based EG America is a subsidiary of EG Group.
"One of the key pillars in our strategic plan is to accelerate our store growth over the next three years and bring Casey's to more communities. This opportunity is an excellent strategic fit as we look to add locations in Kentucky and Tennessee, which are both within our existing distribution footprint," said Casey's President and CEO Darren Rebelez.
"We look forward to serving more guests in these markets and welcoming the team members from this transaction into the Casey's family," he added.
No dollar amount was attached to the acquisition.
[Read more: Casey's Explores Opportunities for Network Expansion]
"We have built a strong and successful business over the years in these Certified Oil and Minit Mart stores, and we are proud of the hard work and dedication shown by our team members there," said EG America President Nick Unkovic. "Casey's is an excellent operator, and we believe these stores and team members will continue to thrive under their ownership."
EG Group acquired the 200-plus convenience store Minit Mart chain from TravelCenters of America in 2018 for $330.8 million, placing the stores under the EG America umbrella. Six months later, the company acquired 69 Certified Oil-branded convenience stores and gas stations in Kentucky, West Virginia and Ohio.
"EG Group is pleased to have found a new home for some of our Certified Oil and Minit Mart portfolio. This divestment will enable both parties to execute their strategic plans, respectively. For EG Group, this divestment also represents another important step in executing our deleveraging strategy," added Zuber Issa, co-founder and co-CEO of EG Group.
Ankeny-based Casey's operates more than 2,500 convenience stores in the United States.
Founded in 2001 by the Issa brothers, the U.K.-based EG Group is an independent convenience retailer, which has established partnerships with global brands, as well as a focused portfolio of proprietary brands. EG Group currently employs more than 50,000 colleagues working in 6,600-plus sites across the United Kingdom and Ireland, Europe, the U.S. and Australia.