Convenience-store retailer Maverik, together with its parent company, FJ Management, has acquired Kum & Go, a family-owned convenience-store chain with more than 400 locations across 13 states, from Krause Group.
As part of the transaction, Maverik will also acquire Solar Transport, a tank truck carrier and logistic provider owned by the Krause Group. Financial terms were not disclosed.
The combination of Maverik and Kum & Go creates a best-in-class convenience store operator across the Midwest and Rocky Mountain regions with a differentiated value proposition across fuel, foodservice and inside store offerings, the companies said.
“We have long admired the Kum & Go brand,” said Chuck Maggelet, president and “chief adventure guide.” “Kyle and Tanner, and the generations before them, have built an exceptional business that pairs quality with convenience and puts people first. We are honored to carry their legacy forward as we build on Kum & Go’s strong operating and innovation capabilities and expand our adventurous convenience experience. We look forward to welcoming Kum & Go and Solar Transport associates and stores to Maverik–Adventure’s First Stop.”
Kyle Krause, Krause Group president and CEO, said, “Kum & Go has always been driven by a desire to innovate, grow and serve our customers, our communities and our people. Maverik has built its business in the same way and is ideally positioned to lead the next chapter of growth for Kum & Go. We have much in common and I look forward to welcoming Chuck’s leadership, his team and Maverik to Des Moines, which will always be the home of the Krause Group and important to our future.”
Added Tanner Krause, president and CEO of Kum & Go: “This is the most momentous day in the 63-year history of our family business. My family has worked for four generations to create and build Kum & Go into a business that has done an incredible amount of good for our people, for Iowa and beyond. Serving as president for the past five years has been the fulfillment of my lifelong dream. I’ve had the pleasure of knowing Chuck Maggelet for years and hold a lot of respect for him as a person and a business leader. I’m confident the Maggelets and Maverik will be good stewards of Kum & Go’s people and culture for generations to come.”
The transaction is expected to close in the coming months and is subject to customary closing provisions.
- Maverik is No. 21 and Kum & Go is No. 22 on CSP’s 2023 Top 40 update to the 2022 Top 202 ranking of convenience store chains by store count. Watch for the full 2023 Top 202 in June.
Salt Lake City-based Maverik has approximately 400 locations and growing across 12 western states, making it the largest independent fuel marketer in the Intermountain West. Locations include Arizona, California, Colorado, Idaho, Nebraska, Nevada, New Mexico, Oregon, South Dakota, Utah, Washington and Wyoming.
FJ Management Inc. is a Utah-based private holding company that manages a diverse portfolio of petroleum, healthcare and hospitality related assets. Founded in 1968 by O. Jay Call, the company continues to grow and prosper under the leadership and support of many. Crystal Maggelet took over as CEO in 2009, and today FJ Management ranks among the largest privately held companies in the United States.
Krause Group is the parent company to a diverse set of businesses that include convenience retail, logistics, Italian wineries and hospitality, real estate, agriculture and soccer clubs.
Established in Hampton, Iowa in 1959, Des Moines, Iowa-based Kum & Go is a fourth-generation, family-owned convenience-store chain.
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