To show appreciation, the Krause Group gave more than 5,000 of its employees bonuses in connection with the sale last week of Kum & Go convenience stores and Solar Transport to Maverik.
The bonuses were sizable enough to help in the purchase of a home for at least one convenience-store manager, Krause Group Founder and CEO Kyle Krause told Axios Des Moines.
Seniority and an approximated level of employee contribution to the company determined the amount of the bonuses, Axios said.
Krause told Axios that he and his wife, Sharon, gave the bonuses to demonstrate their appreciation “to the employees who helped create value in the companies.”
Maverik, Salt Lake City, said last week that the closing of this transaction creates a “best-in-class convenience-store network across the Midwest and Rocky Mountain regions,” growing Maverik’s footprint to more than 800 stores (from 400) in 20 states with approximately 14,000 team members. It makes Maverik the 12th biggest c-store chain in the nation.
- Maverik is No. 21 on CSP's 2023 Top 202 ranking of the largest c-store chains in the country. Kum & Go is No. 22.
“We are excited to welcome Kum & Go and Solar Transport Team Members to Maverik,” Chuck Maggelet, CEO and chief adventure guide of Maverik, said last week. “Together, we’ll offer our customers an adventurous and differentiated convenience-store experience across fuel, foodservice and inside-store offerings. We look forward to using our combined resources to grow our business and further elevate our product offerings to provide the best service to our customers.”
Des Moines, Iowa-based Kum & Go CEO Tanner Krause will transition out of the company. “Tanner leaves behind a strong legacy from his six years of leadership as president and CEO of Kum & Go,” Maverik said.
In appreciation of Maverik’s Des Moines-based team and the local community, Maverik will donate $50,000 to The Des Moines Public Schools Foundation. The donation will provide fresh fruits, vegetables and toiletries at Des Moines Public Schools’ 53 food pantries in schools.
The sale marks a big transition for the Krause Group, Kum & Go’s now-former parent company, according to Axios Des Moines. The real estate arm of the Krause Group is trying to broker a downtown Des Moines development deal valued at $500 million. It includes a soccer stadium.
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