Casey's Completes Largest Acquisition to Date
ANKENY, Iowa — Casey's General Stores Inc. added 198 convenience stores to its network upon the Nov. 1 closing of the chain's acquisition of Fikes Wholesale, owner of CEFCO convenience stores.
The deal marks Casey's most significant deal yet, bringing its total store count to approximately 2,900 locations across 17 states. The transaction includes 148 c-stores in Texas, a highly strategic market for Casey's, along with 50 other stores in Alabama, Florida and Mississippi, expanding the retailer's reach in the South.
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"This acquisition is the largest in Casey's history and in line with the strategic plan laid out at the June 2023 Investor Day," said Darren Rebelez, board chair, president and CEO of Casey's. "We are thrilled to complete this transaction, welcome Fikes to the Casey's team, and look forward to bringing Casey's pizza to these high-volume stores."
First announced in July, the all-cash, $1.145-billion acquisition of Fikes also includes a dealer network, a fuel terminal and a commissary to support the Texas c-stores, as Convenience Store News previously reported. The purchase price includes tax benefits valued at approximately $165 million for a net after-tax purchase price of $980 million.
Temple, Texas-based Fikes Wholesale and CEFCO began as a single filling station in Cameron, Texas, in 1952.
"The acquisition by Casey's, especially given its reputation and shared values, is an exciting development for Fikes and our employees," Raymond Smith, president of Fikes and CEFCO, said when the deal was first announced. "I am happy that the CEFCO stores will join a top convenience retailer that will reinvest in the stores and eventually bring Casey's pizza to many of our customers as well as provide professional opportunities for our employees. We believe Casey's will be an excellent steward of the CEFCO experience that our loyal customers have come to expect."
Founded more than 50 years ago, Ankeny-based Casey's is the country's third-largest convenience store chain and the fifth-largest pizza retailer. Its network spans 17 states with approximately 2,900 locations.
It is ranked No. 3 on the 2024 Convenience Store News Top 100 ranking.