Casey's set to acquire 22 Kum & Go stores

Casey's General Stores, Inc. and Kum & Go announced Friday that they have signed a definitive purchase agreement for Casey's to acquire 22 convenience stores from Kum & Go. All 22 stores are located in Iowa operating under the Kum & Go banner. The stores will be immediately rebranded to Casey's once the transaction is completed.

According to Kum & Go Owner, President and Chief Executive Officer Kyle J. Krause, the proceeds generated by this sale will be reinvested in Kum & Go's 400+ remaining stores and used to drive the company's long-term business and growth strategies.

"I extend my sincere appreciation to our associates and loyal customers in these communities for the important role that they have played in Kum & Go's history and the overall success of these stores," Krause said.

"These stores are predominantly in rural Iowa locations," said Casey's President and Chief Executive Officer Robert J. Myers. "These types of communities have proven to be an excellent fit for our business model and we are very excited to implement our proprietary prepared food program."

Casey's expects this acquisition to be immediately accretive to earnings in their first full year of operation. The acquisition is subject to certain regulatory approvals and other customary closing conditions. The transaction is expected to close in July 2011 and will be funded by existing cash and cash flow.

Here's a list of the 22 stores and their addresses:

• 1. ARMSTRONG, 307 S. Fourth Avenue
• 2. ATLANTIC 701 Poplar
• 3. BRITT 576 N. Main Avenue
• 4. BROOKLYN 106 W. Second Street
• 5. CARROLL 613 W. U.S. Hwy 30
• 6. CEDAR FALLS 601 Main Street
• 7. CENTERVILLE 830 N. 18th Street
• 8. CENTERVILLE 401 W. Maple
• 9. CHARITON 335 N. Main
• 10. CHEROKEE 1200 N. Second Street
• 11. CHEROKEE 242 E. Main Street
• 12. ELK RUN HEIGHTS 5202 Lafayette
• 13. ESTHERVILLE 103 Central Avenue
• 14. ESTHERVILLE 1615 Central Avenue
• 15. GARNER 145 Highway 18 W.
• 16. IOWA FALLS 904 Washington
• 17. MEDIAPOLIS 208 Wapello Street
• 18. SHELDON 519 Second Avenue
• 19. SHELDON 504 Second Avenue
• 20. ST. CHARLES 209 E. Main Street
• 21. STORM LAKE 825 Flindt
• 22. WASHINGTON 304 E. Washington Street