As reported in a Morgan Keegan/CSP Daily News Flash yesterday, Harper Oil will continue to operate its retained stores at locations throughout Illinois.
The stores that Casey's is purchasing [image-nocss] for an undisclosed amount will be rebranded to the Casey's flag, the company said..
"We are excited to purchase these Harper locations and work with their existing employees to integrate them into our business model," Robert Myers, president and CEO of Casey's, said. "These locations are a perfect fit for us operationally."
The transaction is scheduled to close the week of November 8.
Calls by CSP Daily News to both Casey's and Harper Oil officials were not returned at press time.
Harper Oil, in business more than 70 years, operates 26 convenience stores in Illinois under the Harper On The Way name throughout the state. Some of the stores are branded with Phillips 66 gasoline, the rest are unbranded.
Harper Oil founder Perry Pierce originally launched the family business when he and a partner opened a refined-oil plant in Springfield in 1933. The first Pierce Oil station opened in 1937. Harper Oil was organized in 1956, combining the first names of Pierce and his partner at the time, Harvey Crusius.
In 2007, Israel-based EZ Energy USA Inc.'s $26 million deal to purchase Harper Oil and its On The Way stores fell through for unspecified reasons. (Click here for previous CSP Daily News coverage.)
Casey's, of course, was the target of an unsuccessful hostile takeover attempt this year by Canadian retailer Alimentation Couche-Tard Inc., Laval, Quebec. (Click here for previous coverage of Casey's and Couche-Tard.)
Ankeny, Iowa-based Casey's has more than 1,530 stores in nine Midwestern states, primarily Iowa, Missouri and Illinois.
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