Maverik to Acquire Kum & Go Convenience Store Chain
A new deal will bring together Kum & Go and Maverik – Adventure’s First Stop to create a convenience store operator across the Midwest and Rocky Mountain regions.
Maverik, together with its parent company, FJ Management, will acquire Kum & Go, a convenience store chain with over 400 locations across 13 states, from Krause Group. As part of the transaction, Maverik will also acquire Solar Transport, a tank truck carrier and logistic provider owned by the Krause Group.
Established in Hampton, Iowa in 1959, Kum & Go is a fourth-generation, family-owned convenience store chain. Maverik — Adventure’s First Stop holds nearly 400 locations across 12 western states, making it the largest independent fuel marketer in the Intermountain West. The acquisition enhances both companies’ capabilities to create an integrated offering across a combined footprint of over 800 units across 20 states.
“This is the most momentous day in the 63-year history of our family business,” said Tanner Krause, president and CEO of Kum & Go. “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 has always been driven by a desire to innovate, grow and serve our customers, our communities and our people,” said Kyle Krause, Krause group president and CEO. “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.”
“We have long admired the Kum & Go brand,” said Chuck Maggelet, president and chief adventure guide of Maverik. “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.”
Financial terms were not disclosed. The transaction is expected to close in the coming months and is subject to customary closing provisions.
BofA Securities and BMO Capital Markets Corp. served as financial advisors to FJ Management. Kirkland & Ellis LLP served as FJ Management’s legal advisor. J.P. Morgan Securities LLC served as financial advisor to Krause Group. Vedder Price served as Krause Group's legal advisor.