Casey's Picks Up Seven C-stores in Kentucky
ANKENY, Iowa — Casey's General Stores Inc. continues to add to its network of convenience stores with the acquisition of Wow! Foodmart LLC and its affiliated retail portfolio.
The transaction includes a diverse portfolio of properties comprising one travel center, seven convenience stores and four liquor stores, all strategically located in central Kentucky. These properties are located between Lexington and Richmond, with many situated along the heavily traveled Interstate 75 corridor.
Downstream Energy Group (DEG), an independent, privately held advisory team, provided exclusive merger and acquisition advisory services to Wow! Foodmart, including a strategic review of the company that comprised valuation services, designing, implementing and managing a competitive sales process, and negotiating the definitive asset purchase agreement.
"Casey's is acquiring top-tier retail assets that will further strengthen their growing footprint," said Jeff Traub, partner at DEG. "The principals of Wow! Foodmart LLC and its affiliated companies have built an exceptional business, and it has been an honor to represent them in this transaction."
The deal for Wow! Foodmart comes two months after Casey's acquisition of Fikes Wholesale, owner of CEFOC convenience stores. The transaction, which closed in November, marks Casey's most significant deal yet, bringing its total store count to 2,900 locations across 17 states.
Network expansion is part of Casey's three-year strategic plan, which also includes foodservice and increased operational efficiencies. During the company's fourth quarter fiscal year 2024 earnings call this past June, Darren Rebelez, board chair, president and CEO of Casey's, said the retailer is ahead of its goal for adding at least 350 stores by the end of the fiscal 2026 year.
"Our two-pronged approach allows us the flexibility to build or buy, and our strong balance sheet gives us the freedom to be opportunistic with acquisitions," Rebelez remarked. "That was the case in fiscal 2024 where we had our second most acquisitive year in the company's history."
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. It is ranked No. 3 on the 2024 Convenience Store News Top 100 ranking.