BEVERLY, Mass. -- In a deal that—if completed—will augment a new retailer’s recent acquisition in the Hawkeye State and help a major regional retailer shift the focus of its network, Brookwood Financial Partners LLC has entered into a preliminary agreement to acquire 24 convenience stores in Iowa and one in Nebraska from Kum & Go LC.
“This pending 25-store divestiture aligns with Kum & Go’s long-term vision to shift its store portfolio to newer, larger stores in urban areas offering a more consistent experience for customers, including on-site kitchens, fresh food and a variety of fuels,” Kum & Go spokesperson Kristie Bell told CSP Daily News.
As reported in a McLane/CSP Daily News Flash, Brookwood affiliate BW Gas & Convenience Holdings LLC will operate the convenience stores.
BW intends to offer positions to all Kum & Go associates in the affected stores.
“BW Gas & Convenience is in the midst of a rapid expansion in the Midwest, and this agreement aligns with its intention to acquire between 600 and 1,000 convenience stores over the course of the next several years,” Jayne M. Rice, Brookwood’s managing director and director of institutional sales and marketing, told CSP Daily News.
The deal is not yet final, Kum & Go said.
Following the completion of successful due diligence, the companies expect the transaction to close early this spring.
West Des Moines, Iowa-based Kum & Go has approximately 430 convenience stores in 11 states (Iowa, Arkansas, Colorado, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oklahoma, South Dakota and Wyoming).
BW Gas & Convenience is an affiliate of Beverly, Mass.-based Brookwood Financial Partners LLC, a real-estate investment and asset management company.