ROCKFORD, Ill. -- Road Ranger LLC said that it has completed the acquisition of eight convenience stores. In February, it acquired two Grand Prix locations located in Illinois and six QuikTrip locations located in Cedar Rapids, Iowa. The stores that were acquired generated revenues of approximately $53 million for the 12 months ending December 2006.
The store sales and footprint are exactly what we are looking for when we look to acquire existing property, President Dan Arnold said. They generate the highest average revenues of any acquisition in Road [image-nocss] Ranger's history. While both of these chains do things differently than Road Ranger, I think we can learn from what they do well and integrate them into our Marketing plan. The transition with both chains went very smooth. They are a class act to follow. These chains have built a leading market position in their respected areas, and they compliment our existing store base.
He added, While today we operate 55 stores in five states, we have not focused on Iowa, and our presence there to date has been minimal, partly because of QuikTrip's strength in the market. This acquisition provides us with an excellent platform for future growth in one of the Midwest's most fundamentally attractive urban areas.
The company goal is to have 100 stores by the end of 2008, said Arnold. In the last 60 days, Road Ranger has also opened two new travel centers, one located in Champaign, Ill., and one in Fenton, Mo., in the St. Louis metropolitan area.
Headquartered in Rockford, Ill., Road Ranger, had revenues for fiscal 2006 of approximately $1 billion. All of its stores operate under the Road Ranger banner and are located in Illinois, Iowa, Indiana, Missouri and Wisconsin.
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