Maverik Completes Acquisition of Kum & Go
SALT LAKE CITY — Maverik — Adventure's First Stop has officially doubled in size.
The convenience store chain completed its acquisition of Kum & Go, operator of 400-plus stores in 13 states, on Aug. 29. The deal also includes tank truck carrier and logistics provider Solar Transport from the Krause Group.
The transaction creates a best-in-class c-store network across the Midwest and Rocky Mountain regions, growing Maverik's footprint to more than 800 stores in 20 states with approximately 14,000 team members, the company said.
"We are excited to welcome Kum & Go and Solar Transport Team Members to Maverik," said Chuck Maggelet, CEO and Chief Adventure Guide of Maverik. "Together, we'll offer our customers an adventurous and differentiated convenience store experience across fuel, foodservice and inside-store offerings. We look forward to using our combined resources to grow our business and further elevate our product offerings to provide the best service to our customers."
[Read more: Kum & Go Unveils New Personalized Digital Experience]
Maggelet will lead the newly combined organization. Kum & Go's Tanner Krause will transition out of the company following six years of leadership as president and CEO.
Maverik and Kum & Go announced the deal in April, two months after news emerged that Kum & Go was exploring all options for the future, including a potential sale. Financial terms of the acquisition were not disclosed.
Starting next January, Kum & Go locations in Utah and the Intermountain West region will rebrand as Maverik stores, NACS reported. These stores represent approximately a third of Kum & Go's network and are located in areas where Maverik already has a strong presence.
The future for the remaining Kum & Go stores is less certain, according to Maggelet. "Right now, we think we can bring a lot of what's really good about Maverik into the Kum & Go world without necessarily rebranding and will continue to evaluate future changes," he told the association.
Krause Group Founder & CEO Kyle Krause reflected on Kum & Go's history as a multigeneration family-owned business.
"Together over four generations — from my grandfather Tony and my dad Bill to me and my son Tanner — we built these businesses over 64 years through shared vision, collective entrepreneurship and teamwork," he said. "I'm also incredibly thankful for our associates and their unique contributions that allowed Kum & Go and Solar Transport to reach this level of success. We've run the businesses and differentiated ourselves by putting people first and making days better in all we do.
"Over the last six years, Tanner's leadership was at the core of these efforts, resulting in a tremendous impact on Kum & Go," Krause continued. "I'm confident Kum & Go and Solar Transport are set up for future success with Maverik. As we start the next chapter at Krause Group, we will nurture our family of brands and create more opportunities to do good in the world."
Commemorating the acquisition, Maverik will donate $50,000 to the Des Moines Public Schools Foundation in appreciation of Maverik's Des Moines, Iowa-based team and the local community. This donation will provide fresh fruits, vegetables and toiletries at Des Moines Public Schools' 53 food pantries in schools across the district.
Based in Salt Lake City, Maverik — Adventure's First Stop is the largest independent fuel marketer in the Intermountain West.