WEST DES MOINES, Iowa -- CFO Brian Thompson has been promoted at Kum & Go to the position of Chief Acquisitions Officer, said CEO Kyle Krause. Thompson will be responsible for developing Kum & Go's Grow Business department, an area responsible for all convenience store acquisitions and alternative business developments.
The appointment puts a sharp focus on the regional retailer's current growth strategy. Krause said in a recent interview that the chainwhich operates more than 430 stores in 13 statesis in expansion mode.
Its stores are now in Arkansas, Colorado, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Wisconsin and Wyoming. As reported in CSP Daily News, Krause told the Des Moines Register that he hopes to add stores in those states as well as expand into Illinois.
We created a five-year growth plan to double the size of the company in those five years from 350 stores to 700. Today have 430, Krause said. We'll build about 40 stores this year andbuy about 100 stores this year. We look at the Interstate and at the areas with the most growth and the best demographics for us. Then we decide which of those we could get a one, two or three share of the market in.
He added, There are a lot of little chains in [our] 13 states that we can acquire. Today, I don't see a problem finding stores that are quality assets to buy. I think you tend to get pickier as you look at acquisitions and you want those stores to be that much better.
Thompson, who will take the lead in the effort, has been with Kum & Go since 2003.
In other Kum & Go news, more than $375,500 was donated to 140 local communities in 13 states through Kum & Go's 2005 All-Stars program. The chain launched the initiative to help school kids and other organizations raise money for their community in Spring 2004. It runs twice annually, in the fall and spring. Since the program's re-introduction in 2004, it has raised $787,500 for local communities that Kum & Go serves.
Participating youth and community organizations purchased a fundraising coupon booklet, which they sold to community residents. Each booklet featured coupons for Kum & Go products including fuel, fountain drinks, coffee, candy and Hiland foodsa $25 total redemption value. Each participant also received coupons for a free 16-oz. KG Koolee or KG Ice.
The spring 2005 All-Star's program raised $266,580 and the fall program added $108,950 for more than 140 organizations. Kum & Go has a history of annually returning 10% of profits to the communities it serves.
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