Maverik stores. Maverik’s Expansion: Acquiring Kum & Go and Transforming the Convenience Store Landscape

How will Maverik’s acquisition of Kum & Go impact the convenience store industry. What are the key details of this major business deal. How many locations will the combined company operate across the United States.

The Landmark Acquisition: Maverik Takes Over Kum & Go

In a groundbreaking move that’s set to reshape the convenience store landscape, Maverik – Adventure’s First Stop, along with its parent company FJ Management, has announced the acquisition of Kum & Go, a well-established convenience store chain. This strategic business deal marks a significant milestone in the industry, bringing together two major players to create a formidable force in the convenience store sector.

The acquisition encompasses not only Kum & Go’s extensive network of over 400 locations spread across 13 states but also includes Solar Transport, a tank truck carrier and logistics provider owned by the Krause Group. This comprehensive deal is poised to dramatically expand Maverik’s reach and capabilities, cementing its position as a dominant player in the convenience store market.

Key Details of the Acquisition

• Maverik and FJ Management to acquire Kum & Go from Krause Group
• The deal includes over 400 Kum & Go locations across 13 states
• Solar Transport, a logistics provider, is also part of the acquisition
• The combined entity will operate more than 800 stores across 20 states

The Combined Footprint: A New Convenience Store Giant

The merger of Maverik and Kum & Go creates a convenience store powerhouse with an impressive geographical footprint. How extensive will the combined company’s presence be? The new entity will boast over 800 locations spanning 20 states, primarily concentrated in the Midwest and Rocky Mountain regions.

This expanded network not only increases the company’s market share but also provides numerous opportunities for operational synergies and enhanced customer service. The broader reach allows for improved distribution networks, potentially leading to cost savings and a more diverse product offering for customers.

Geographical Breakdown

1. Maverik’s original presence: Nearly 400 locations across 12 western states
2. Kum & Go’s contribution: Over 400 stores in 13 states
3. Combined presence: More than 800 units across 20 states

The Legacy of Kum & Go: A Family-Owned Success Story

Kum & Go’s journey in the convenience store industry is a testament to family entrepreneurship and strategic growth. Founded in 1959 in Hampton, Iowa, the company has flourished over six decades, evolving into a fourth-generation, family-owned enterprise. Its success story serves as an inspiration in the retail sector, demonstrating how a local business can expand into a multi-state operation while maintaining its core values and customer-centric approach.

The acquisition by Maverik marks the end of an era for Kum & Go as a family-owned business, but it also opens new chapters of growth and innovation. How has Kum & Go’s legacy contributed to its attractiveness as an acquisition target? The company’s strong brand recognition, loyal customer base, and strategic locations in key markets have made it a valuable asset in the convenience store industry.

Maverik: The Largest Independent Fuel Marketer in the Intermountain West

Prior to the acquisition, Maverik had already established itself as a significant player in the convenience store and fuel marketing sector. With nearly 400 locations across 12 western states, Maverik held the title of the largest independent fuel marketer in the Intermountain West. This position speaks volumes about the company’s operational excellence, strategic expansion, and ability to compete effectively in a highly competitive market.

The acquisition of Kum & Go further solidifies Maverik’s market position and expands its geographical reach. How will this enhanced status impact Maverik’s business operations and market influence? The increased scale is likely to provide Maverik with greater bargaining power with suppliers, improved operational efficiencies, and enhanced opportunities for innovation in product offerings and customer service.

Maverik’s Pre-Acquisition Strengths

• Largest independent fuel marketer in the Intermountain West
• Nearly 400 locations across 12 western states
• Strong brand recognition as “Adventure’s First Stop”
• Proven track record of successful operations and growth

Solar Transport: Adding Logistics Capabilities to the Portfolio

An often-overlooked but crucial aspect of the acquisition is the inclusion of Solar Transport, a tank truck carrier and logistics provider owned by the Krause Group. This addition to Maverik’s portfolio introduces a new dimension to the company’s operations, potentially offering significant advantages in supply chain management and distribution.

How might the acquisition of Solar Transport benefit Maverik’s operations? By bringing logistics capabilities in-house, Maverik could optimize its supply chain, reduce transportation costs, and ensure more reliable delivery of fuel and other products to its expanded network of stores. This vertical integration could provide a competitive edge in an industry where efficient logistics are crucial for success.

Potential Benefits of Solar Transport Acquisition

• Enhanced control over supply chain and distribution
• Potential for cost savings in transportation and logistics
• Improved reliability and flexibility in product delivery
• Opportunities for expanded services and revenue streams

The Impact on the Convenience Store Industry

The merger of Maverik and Kum & Go is set to have far-reaching implications for the convenience store industry. This consolidation of two major players creates a new entity with significant market power and the potential to influence industry trends and standards.

How might this acquisition affect competition and consumer choice in the convenience store sector? On one hand, the increased scale of the combined company could lead to improved efficiencies and potentially lower prices for consumers. However, it also reduces the number of independent players in the market, which could impact competition dynamics in certain regions.

Potential Industry Implications

1. Increased pressure on smaller, independent convenience store operators
2. Potential for further industry consolidation as companies seek to remain competitive
3. Opportunities for innovation in products and services due to increased resources
4. Possible changes in supplier relationships and purchasing power dynamics

Future Prospects: Growth and Innovation Opportunities

The acquisition opens up numerous avenues for growth and innovation for the combined Maverik and Kum & Go entity. With a larger footprint and increased resources, the company is well-positioned to invest in new technologies, expand product offerings, and enhance customer experiences across its network of stores.

What are some potential areas for growth and innovation in the post-acquisition landscape? The company could explore advancements in contactless payment systems, expanded food service options, electric vehicle charging stations, and personalized loyalty programs. Additionally, the increased scale could allow for more significant investments in sustainability initiatives and community engagement programs.

Potential Growth Areas

• Implementation of advanced technologies for improved customer experiences
• Expansion of food service and fresh food offerings
• Development of electric vehicle charging infrastructure
• Enhanced loyalty programs leveraging combined customer data
• Increased focus on sustainability and corporate social responsibility initiatives

As the convenience store industry continues to evolve, the merger of Maverik and Kum & Go represents a significant shift in the competitive landscape. The combined entity’s expanded footprint, enhanced capabilities, and potential for innovation position it as a major player in shaping the future of convenience retail. While challenges may arise in integrating two distinct corporate cultures and operational systems, the potential benefits of this acquisition are substantial. As the deal moves forward, industry observers and consumers alike will be watching closely to see how this new convenience store giant will transform the market and redefine the customer experience in the years to come.

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Maverik to Acquire Kum & Go Convenience Store Chain

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04/24/2023

The acquisition creates a combined footprint of over 800 units across 20 states and includes Solar Transport, a tank truck carrier and logistic provider. Learn more.

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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.

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