Red-Kap Exits C-store Industry, Sells Business to Stewart's Shops
SARATOGA SPRINGS, N.Y. — Stewart's Shops is expanding its footprint with an agreement to acquire Red-Kap, a locally owned family run business.
Under the agreement, Stewart's will acquire eight convenience stores, three car washes, a 75-plus dealer network and a fuel distribution business.
"Stewart's has always respected the business and our long personal relationship with the Kaplans and their team. Doing business with people who respect people is always a pleasure. Both organizations come from long local family histories that have helped form the communities where we live," said Stewart's Shops President Gary Dake.
"The acquisition will add eight corporately run locations, and a significant addition of gasoline supply and distribution to local stations," he added. "Stewart's prides itself on vertical integration and support. In the age of COVID, with an ever-changing business climate, we look forward to extending this support to the distributor/dealer network."
The Red-Kap c-stores are in Loudonville, Troy, Claverack, East Greenbush, Saratoga Springs, Schodack, Baldwinsville, and Guilderland.
According to the company, Stewart's will keep the branding of the Mobil, Citgo, and Sunoco stations and convert a few of the Red-Kap locations into Stewart's Shops.
"From our humble beginnings in one gas station, Red-Kap has grown to be a multi-site convenience store and car wash operator as well as one of the largest gasoline suppliers in upstate New York. None of this would have been possible without the work and talent of our employees, customers and business partners along with the support of our families," said Jon Kaplan, Red-Kap principal.
"Being acquired by Stewart's is our final success. We have had a long and prosperous relationship with Stewart's, during which we have grown to respect and trust them. We know that we are leaving our employees and customers in good hands and able to face the challenges of the future with Stewart's and the Dake family," he added. "Knowing that Stewart's is a locally owned family business only adds to our contentment with this transaction. Thank you to everyone who made all of this possible."
Saratoga Springs-based Stewart's Shops operates more than 335 c-stores in across New York and southern Vermont.