Apr 21, 2023 - Business
Kum & Go sold to Utah company
The Des Moines-based Kum & Go convenience store chain has been sold to Utah-based Maverik — Adventure's First Stop, the companies announced in a joint statement Friday.
Why it matters: Kum & Go, owned by the Krause Group, has more than 400 convenience stores in 13 states, including Iowa, and has been exploring strategic options this year.
- Maverik is also acquiring Solar Transport, a tank truck carrier also owned by the Krause Group.
State of play: Maverik, which owns about as many stores as Kum & Go in 12 western states, is expected to close on the transaction in coming months.
- Financial terms were not disclosed. Reuters reported in February that Kum & Go's value could be $2 billion.
What they're saying: In the news release, Kum & Go CEO Tanner Krause called it a "momentous day" for the 63-year-old family business.
- It remains unclear how the transaction may affect the chain's local stores and employees.
- A Kum & Go spokesperson tells Axios the company has no further comment.
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