TEMPLE, Texas-- In a deal that will add to its East Texas presence, Fikes Wholesale Inc., parent company of the CEFCO Convenience Stores chain, said that it has completed the acquisition of the 69-store Food Fast chain based in Tyler, Texas. Terms of the agreement were not disclosed.
As reported late yesterday in a Morgan Keegan/CSP Daily News Flash, Food Fast Corp. began operations in May 2003 upon the merger of several entities into FFC. It operates retail motor fuel and convenience stores throughout East Texas, as well as in Louisiana and Arkansas.
For 2007, [image-nocss] Food Fast revenues totaled $274 million, including $60 million in merchandise sales and 80 million gallons in motor fuel sales. It employs about 500 people.
"The addition of the Food Fast team and stores will significantly enhance our presence in East Texas, Louisiana, and Arkansas; while providing a contiguous bridge to our existing locations in Alabama and Mississippi," said James Fikes, CEO of Fikes Wholesale. "The Food Fast organization shares many of our core values and ethics, as well as a passion for customer satisfaction excellence. Strategically, Food Fast is an outstanding, complimentary fit."
He added, "This agreement also provides potential synergistic opportunities for our other Fikes Wholesale Inc. business units," said Fikes. "These businesses include Group Petroleum Services (common carrier fuel transport fleet), Cord Financial Services (nationwide ATM provider of more than 4,500 ATMs), Fleet Express (single card solution for fuel management needs) and JF Air (charter air service)."
Temple, Texas-based Fikes Wholesale's CEFCO operates 123 stores in Alabama, Mississippi, and Texas.
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