Casey's Announces the Closing of the Fikes Wholesale Acquisition and Provides a Business Update
Casey's General Stores (CASY) has completed its largest-ever acquisition, purchasing Fikes Wholesale, owner of CEFCO Convenience Stores. The deal adds 148 stores in Texas and 50 stores across Alabama, Florida, and Mississippi, bringing Casey's total store count to approximately 2,900 locations. The acquisition aligns with the company's strategic plan presented at their June 2023 Investor Day. Additionally, Casey's expects its fuel margin for Q2 ended October 31, 2024, to be approximately 40 cents per gallon.
Casey's General Stores (CASY) ha completato la sua più grande acquisizione di sempre, acquistando Fikes Wholesale, proprietario dei negozi CEFCO Convenience. L'affare aggiunge 148 negozi in Texas e 50 negozi in Alabama, Florida e Mississippi, portando il numero totale di negozi di Casey a circa 2.900 locations. L'acquisizione è in linea con il piano strategico dell'azienda presentato nel loro Investor Day di giugno 2023. Inoltre, Casey's prevede che il suo margine di carburante per il secondo trimestre che termina il 31 ottobre 2024 sarà di circa 40 centesimi per gallone.
Casey's General Stores (CASY) ha completado su adquisición más grande de la historia, comprando Fikes Wholesale, propietario de las tiendas de conveniencia CEFCO. El acuerdo añade 148 tiendas en Texas y 50 tiendas en Alabama, Florida y Mississippi, llevando el número total de tiendas de Casey a aproximadamente 2,900 ubicaciones. La adquisición está alineada con el plan estratégico presentado por la compañía en su Día del Inversor en junio de 2023. Además, se espera que el margen de combustible de Casey para el segundo trimestre que finaliza el 31 de octubre de 2024 sea de aproximadamente 40 centavos por galón.
Casey's General Stores (CASY)는 Fikes Wholesale를 인수하여 역사상 가장 큰 인수를 완료했습니다. 이 거래로 텍사스에 148개 매장과 알라바마, 플로리다, 미시시피에 걸쳐 50개 매장이 추가되며, Casey의 총 매장 수는 약 2,900개 위치로 증가합니다. 이 인수는 2023년 6월 투자자 데이에서 발표된 회사의 전략 계획과 일치합니다. 또한, Casey는 2024년 10월 31일 종료되는 2분기 연료 마진이 약 갤런당 40센트가 될 것으로 예상하고 있습니다.
Casey's General Stores (CASY) a réalisé sa plus grande acquisition à ce jour en achetant Fikes Wholesale, propriétaire des magasins de proximité CEFCO. Cet accord ajoute 148 magasins au Texas et 50 magasins en Alabama, en Floride et au Mississippi, portant le nombre total de magasins de Casey à environ 2 900 emplacements. L'acquisition s'inscrit dans le cadre du plan stratégique de l'entreprise présenté lors de son Investor Day en juin 2023. De plus, Casey s'attend à ce que sa marge de carburant pour le deuxième trimestre se terminant le 31 octobre 2024 soit d'environ 40 cents par gallon.
Casey's General Stores (CASY) hat seine bislang größte Übernahme abgeschlossen und Fikes Wholesale erworben, den Besitzer der CEFCO Convenience Stores. Der Deal fügt 148 Geschäfte in Texas und 50 Geschäfte in Alabama, Florida und Mississippi hinzu, wodurch die Gesamtanzahl der Geschäfte von Casey auf etwa 2.900 Standorte steigt. Die Übernahme steht im Einklang mit dem strategischen Plan des Unternehmens, der auf ihrem Investor Day im Juni 2023 vorgestellt wurde. Zudem erwartet Casey für das im Oktober 2024 endende 2. Quartal eine Spritmarge von etwa 40 Cent pro Gallone.
- Largest acquisition in company history expands footprint by 198 stores
- Strategic expansion into Texas market with 148 new locations
- Additional market presence in three southern states
- Strong fuel margin of 40 cents per gallon expected for Q2
- Total store network reaches approximately 2,900 locations
- None.
Insights
The acquisition of Fikes Wholesale marks a significant strategic expansion for Casey's, representing their largest acquisition to date. The addition of 198 stores (148 in Texas and 50 across Alabama, Florida and Mississippi) will expand Casey's footprint to approximately 2,900 locations, strengthening their position as the third-largest convenience store retailer in the U.S.
The deal's strategic value lies in the expansion into Texas, a high-growth market and the acquisition of high-volume stores that can benefit from Casey's successful prepared food offerings, particularly their pizza business. The reported Q2 fuel margin of
This expansion aligns with their June 2023 strategic plan and demonstrates Casey's commitment to growth through strategic acquisitions in key markets. The integration of CEFCO's high-volume stores presents significant revenue synergy opportunities through the introduction of Casey's food program.
“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 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.”
Business Update
Casey’s expects the fuel margin for the second quarter ended, October 31, 2024, to be approximately
About Casey’s General Stores
Casey’s is a Fortune 500 company (Nasdaq: CASY) operating approximately 2,900 convenience stores. Founded more than 50 years ago, the company has grown to become the third-largest convenience store retailer and the fifth-largest pizza chain in
Forward-Looking Statements
This communication contains statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to the potential impact of consummation of the transaction on relationships with third parties, expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, and performance at the Company’s stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results to differ materially from any results expressed or implied by these forward-looking statements, including but not limited to the execution of the Company’s strategic plan, the integration and financial performance of acquired stores, wholesale fuel, inventory and ingredient costs, distribution challenges and disruptions, the impact and duration of the conflict in
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Investor Relations Contact:
Brian Johnson (515) 446-6587
Brian.johnson@caseys.com
Media Relations Contact:
Katie Petru (515) 446-6772
Katie.petru@caseys.com
Source: Casey’s General Stores
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