Casey’s General Stores Inc. has closed on the $1.145 billion acquisition of Fikes Wholesale, owner of CEFCO Convenience Stores, on Nov. 1.
The acquisition will give the convenience-store retailer 148 additional locations in Texas, a highly strategic market for Casey’s, as well as 50 stores in the southeastern states of Alabama (27 stores), Florida (13) and Mississippi (10).
Casey’s moved into Texas—its 17th state—last November with the acquisition of W. Douglass Distributing Ltd.’s 22 Lone Star Food Stores.
Th 198-store CEFCO acquisition brings the chain’s total store count to approximately 2,900 stores.
Casey’s General Stores Inc. is No. 3 on CSP’s 2024 Top 202 ranking of convenience-store chains by store count.
“This acquisition is the largest in Casey’s history and in line with the strategic plan laid out at the June 2023 Investor Day,” said Darren Rebelez, board chair, president and chief executive officer of Ankeny, Iowa-based Casey’s. “We are thrilled to complete this transaction, welcome Fikes to the Casey’s team, and look forward to bringing Casey’s pizza to these high-volume stores.”
CSP honored Rebelez as its 2024 Retail Leader of the Year.
Casey’s also took the opportunity of the Fikes and CEFCO announcement to provide a brief business update. The company said it expects its fuel margin for the second quarter ended Oct. 31, 2024, to be approximately 40 cents per gallon (CPG).
Casey’s General Stores operates convenience stores in the greater Midwest under the Casey’s and GoodStop brands and in Texas and the Southeast under the Lone Star Food Stores brand. The company is the third-largest convenience-store retailer, the fourth-largest holder of liquor licenses and the fifth-largest pizza chain in the United States.
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