Iowa-based convenience store chain Kum & Go will be sold to a Utah-based company for an undisclosed sum, the companies announced on Friday.
On April 21, Salt Lake City-based fuel retailer Maverik announced that it will acquire Des Moines-headquartered chain Kum & Go from Krause Group. Kum & Go operates more than 400 stores in 13 states.
As part of the transaction, Maverik will also acquire Solar Transport, a tank truck carrier and logistic provider owned by the Krause Group.
Financial terms were not disclosed.
The companies expect the transaction to close in the coming months.
Chuck Maggelet, President and Chief Adventure Guide of Maverik, said, “We have long admired the Kum & Go brand. Kyle and Tanner, and the generations before them, have built an exceptional business that pairs quality with convenience and puts people first. 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.
Kyle Krause, Krause Group President and CEO, said, “Kum & Go has always been driven by a desire to innovate, grow and serve our customers, our communities and our people. 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 leadership, his team and Maverik to Des Moines, which will always be the home of the Krause Group and important to our future.”
Tanner Krause, President and CEO of Kum & Go, said, “This is the most momentous day in the 63-year history of our family business. 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.”
Kum & Go is not the only large convenience store chain to change hands so far this year. TravelCenters of America is to be purchased by BP in a transaction expected to be completed in coming months, and Berkshire Hathaway took a majority stake in the Pilot Company at the beginning of 2023.