116 3rd St SE
Cedar Rapids, Iowa 52401
Maverik buys Kum & Go stores
Iowa-based chain has 400 stores, including 100 in iowa
The Salt Lake City-based Maverik chain of convenience stores is buying the Kum & Go chain of 400 stores in 13 states, the companies announced Friday.
The purchase price was not disclosed.
The Krause family started Kum & Go in 1959 with one store in Hampton in north-central Iowa. Its holdings now include 100 stores in Iowa.
As part of the transaction, Maverik and FJ Management, Maverik’s parent company, also will acquire Solar Transport, a tank truck carrier and logistics provider owned by the Krause Group.
“We have long admired the Kum & Go brand,” Chuck Magelet, Maverik president, said in a statement.
“Kyle and Tanner (Krause), 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,” he said.
Kyle Krause, president and CEO of Krause Group, said in a news release that Maverik “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.”
Krause has announced plans to spend more than $500 million in downtown Des Moines developing breweries, shops, hotels, restaurants, offices, a plaza, a music venue and a soccer stadium, the Des Moines Register has reported.
The Krause Group also owns a logistics business, two ranches and the Des Moines Menace, a semiprofessional soccer team.
Krause stepped aside from Kum & Go in December 2020 to focus on the company's other goals, promoting his son, Tanner, to the top spot at the chain.
Tanner Krause, president and CEO of Kum & Go, said the sale to Maverik “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.”
“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 has nearly 400 locations in 12 Western states, making it the largest independent fuel marketer in the Intermountain West, according to a news release. FJ Management, founded in 1968, is a Utah-based private holding company that manages a diverse portfolio of petroleum, health care and hospitality-related assets.
Daily Newsletters