Casey’s General Stores to acquire 24 Stop-n-Go stores
by February 13, 2014 9:35 am 163 views
Casey’s General Stores has signed an asset purchase agreement to acquire 24 Stop-n-Go locations, with 20 of the stores located in North Dakota and four located in Minnesota.
“We are excited about the opportunity to acquire the Stop-n-Go chain as they are a well-managed and established group of stores in a relatively new market area for Casey’s,” said Robert Myers, President and CEO. “This acquisition will be accretive to earnings in the first year of operation and will provide future earnings enhancements as we realize operating efficiencies and integrate our prepared food operations.”
The acquisition is subject to certain regulatory approvals and other customary closing conditions, including the company’s receipt of satisfactory inspection reports related to the stores. The transaction is expected to close in May 2014, and will be funded by a combination of existing cash and operating cash flow .
“We hope this acquisition serves as a springboard for more Casey’s locations in the area as we continue to look for opportunities to build and buy stores in the upper Midwest,” Myers said.
Casey’s first expanded into Northwest Arkansas more than two years go. The convenience store chain has 16 stores in Benton and Washington counties.