One of the biggest questions surrounding convenience-store retailer Maverik's acquisition of Kum & Go, announced in April, is would Maverik keep or change the venerable c-store chain's iconic name? Both are strong chains with very loyal followers in their markets. With the closing of the transaction on Tuesday, an answer has started to emerge.
Maverik will rebrand Kum & Go stores in Colorado, Idaho, Utah and Wyoming starting in January. The Salt Lake City-based company is still deciding on whether to rebrand other Kum & Go locations, Chuck Maggelet, Maverik’s CEO and “chief adventure guide,” who will lead the combined organization, told the National Association of Convenience Stores (NACS). About a third of Kum & Go stores are in areas where Maverik already has a strong presence, he said.
“In Utah, Colorado, Idaho and Wyoming, starting this January, we’ll be working to convert those stores to Maveriks,” he said. Regarding the remaining two-thirds of Kum & Go stores, Maggelet said, “Right now, we think we can bring a lot of what’s really good about Maverik into the Kum & Go world without necessarily rebranding and will continue to evaluate future changes.”
Maverik said 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,” Maggelet said. “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.”
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.
“Together over four generations, from my grandfather Tony and my dad, Bill, to me and my son Tanner, we built these businesses over 64 years through shared vision, collective entrepreneurship, and teamwork,” Kyle Krause, Krause Group founder and CEO, said. “I’m also incredibly thankful for our associates and their unique contributions that allowed Kum & Go and Solar Transport to reach this level of success. We’ve run the businesses and differentiated ourselves by putting people first and making days better in all we do.”
“Over the last six years, Tanner’s leadership was at the core of these efforts, resulting in a tremendous impact on Kum & Go,” he continued. “I’m confident Kum & Go and Solar Transport are set up for future success with Maverik. As we start the next chapter at Krause Group, we will nurture our family of brands and create more opportunities to do good in the world.”
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