The Midwest-based retailer closes its acquisition of 40 c-stores from Pilot Corp. for $220 million.
ANKENY, Iowa — Casey's General Stores Inc. closed its deal with Pilot Corp.
The acquisition of the 40 stores boosts Casey's presence in Tennessee and Kentucky, and marks its entry into the Knoxville, Tenn., market.
"We are pleased to complete this transaction and expand our footprint in Tennessee and Kentucky," said Darren Rebelez, president and CEO of Casey's. "The Haslam family and the Pilot team have been great to work with and we look forward to welcoming team members to Casey's and bringing our hand-made pizza program to these excellent stores."
Casey's reached the $220-million agreement with Knoxville-based Pilot in late September. The deal is part of the retailer's three-year plan — unveiled in January 2020 — to add 345 convenience stores to its network.
During Casey's latest earnings call on Dec. 8, Rebelez said the company saw the Knoxville as a strategic fit within its existing distribution market. Casey's also expects its prepared food program to do will in the mid-sized market.
"It also gives us immediate scale in Knoxville and expands our footprint in Tennessee. Overall, we are extremely excited about the potential for these stores," he added.
Ankeny-based Casey's operates more than 2,400 convenience stores.