Jackson, Minnesota-based United Fuels Midwest has sold five travel centers and eight convenience stores in Minnesota and South Dakota, most operating under the Speedway brand, to buyers including Casey’s General Stores and Staples Oil Co., according to an announcement Wednesday.
The divestiture marks United Fuels’ “comprehensive strategic exit from retail, wholesale and logistics operations,” the announcement from Downstream Energy Group (DEG), which facilitated the transaction, said.
- Casey's General Stores Inc. is No. 3 on CSP's 2025 Top 202 ranking of convenience-store chains by store count.
Details of the transaction, which also included a wholesale commercial fuels distribution business and a petroleum transport company, were not disclosed.
In addition to Ankeny, Iowa-based Casey’s and Windom, Minnesota-based Staples Oil Co., the deal also included “one additional strategic buyer active in the Upper Midwest Market,” DEG said.
DEG oversaw all phases of the transaction for United Fuels, including valuation, preparation of offering materials, marketing to strategic and financial acquirers, and negotiation of multiple purchase agreements.
“This was a complex, multi-party transaction involving retail, wholesale and logistics components,” DEG Partner Jeff Traub said in a statement. “United Fuels has built a strong organization over many years, and we were honored to represent them in achieving a successful outcome with several highly respected industry buyers.”
Growth through acquisitions and new stores has been the cornerstone of Casey’s strategy recently. Earlier this year, the c-store retailer said it intends to open at least 80 stores in fiscal 2026, with plans to add a total of about 500 stores at the conclusion of its three-year strategic plan.
In fiscal 2025, Casey’s built or acquired 270 stores, a record for the company. The majority came via Casey’s November 2024 acquisition of 198 CEFCO stores from Fikes Wholesale.
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