Mergers & Acquisitions

Casey’s General Stores to Acquire 40 Pilot C-Stores

Deal grows retailer’s presence in Tennessee and Kentucky
Photograph: Shutterstock

ANKENY, Iowa — Casey’s General Stores Inc. plans to acquire 40 Pilot convenience stores from Pilot Corp. in an all-cash transaction of $220 million.

The 40 Pilot stores will extend Casey’s presence in Tennessee and Kentucky with well-established locations primarily in the Knoxville, Tenn., market, the company said.

“These stores have a track record of strong performance and are high quality assets that will be a great fit for Casey’s fresh-food program, especially our handmade pizza,” said Darren Rebelez, president and chief executive officer at Casey’s. “We look forward to carrying forward these Haslam family legacy stores and welcoming their team into the Casey’s family.”

Casey’s General Stores, Ankeny, Iowa, is No. 4 on CSP’s 2021 Top 202 ranking of U.S. c-store chains by store count. Following the recent acquisitions, Casey’s store count stands at more than 2,300 locations.

Pilot Chairman Jimmy Haslam said the transaction reflects Pilot Co.’s “intense focus on growing our core travel-center network and energy businesses with significant investments in our people and our stores to provide the best team member and guest experience at our more than 800 locations across North America.”

He added, “Casey’s is a great convenience store chain that shares similar values as Pilot, and we couldn’t be more excited for what they will bring to the community. We are very thankful for the tremendous service our team members have provided and know they will be in great hands with Casey’s.”

Pilot Co. ranked No. 13 on CSP’s 2021 Top 202 list the largest U.S. c-store chains.

Casey’s will fund the transaction with a combination of cash on hand and bank financing. The transaction is subject to customary closing conditions and regulatory approvals, including Hart-Scott-Rodino clearance.

Pilot’s convenience stores are owned and operated independently from its travel center and energy businesses and were not included in Berkshire Hathaway’s 2017 acquisition of a nearly 40% stake in Pilot Co. BofA Securities Inc. acted as exclusive financial advisor to Pilot Corp.

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