Des Moines, Iowa-based Kum & Go, a family-owned convenience store with more than 400 locations in 13 states, has been acquired by Maverik.
Headquartered in Salt Lake City, Maverik is the largest independent fuel marketer in the Intermountain West with stores in 12 states, according to a news release.
The transaction, expected to close in the coming months, also includes Solar Transport, a tank truck carrier and logistics provider owned by the Krause Group.
“We have long admired the Kum & Go brand,” Chuck Maggelet, Maverik president, said in a statement. “We are honored to carry their legacy forward as we build on Kum & Go’s strong operating and innovation capabilities and expand our adventurous convenience experience. We look forward to welcoming Kum & Go and Solar Transport associates and stores to Maverik – Adventure’s First Stop.”
The combination of Maverik and Kum & Go will create a differentiated value proposition of fuel, food service and store offerings, said the news release.
“Kum & Go has always been driven by a desire to innovate, grow and serve our customers, our communities and our people,” Kyle Krause, Krause Group president and CEO, said in a statement. “Maverik has built its business in the same way and is ideally positioned to lead the next chapter of growth for Kum & Go. We have much in common, and I look forward to welcoming Chuck’s (Maggelet) leadership, his team and Maverik to Des Moines, which will always be the home of the Krause group and important to our future.”
Maverik offers fresh-made food daily, values on fuel, drinks and snacks, and prizes and more through its Adventure Club mobile app.
“This is the most momentous day in the 63-year history of our family business,” Tanner Krause, president and CEO of Kum & Go, said in a statement. “My family has worked for four generations to create and build Kum & Go into a business that has done an incredible amount of good for our people, for Iowa and beyond. Serving as president for the past five years has been the fulfillment of my lifelong dream. I’ve had the pleasure of knowing Chuck Maggelet for years and hold a lot of respect for him as a person and a business leader. I’m confident the Maggelets and Maverik will be good stewards of Kum & Go’s people and culture for generations to come.”
Financial terms of the acquisition were not released. LL
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