Maverik to buy Midwest convenience store chain Kum & Go
Apr 21, 2023, 10:43 AM | Updated: 11:05 am
FILE: A Maverik store in North Salt Lake, Utah. (Maverik)
(Maverik)
SALT LAKE CITY — Maverik announced plans to acquire Kum & Go, a family-owned convenience store chain with over 400 locations across 13 states, and Solar Transport, a tank truck carrier and logistic provider.
Combined, the brands will have over 800 units across 20 states in the Midwest and Rocky Mountain regions.
“We have long admired the Kum & Go brand,” said Chuck Maggelet, president and chief adventure guide of Maverik. “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 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.”
Kum & Go was established in Hampton, Iowa, in 1959 and is a fourth-generation, family-owned convenience store chain. The company says it has shared 10% of all profits with the communities it has served over the last 60 years.
🚨 BIG ADVENTURE NEWS ALERT 🚨
We are thrilled to announce that Maverik has entered into an agreement to purchase @kumandgo, a leading family-owned convenience store brand operating 400 stores in 13 states. https://t.co/3JpniXBxcw pic.twitter.com/XeZG1eP9zX
— Maverik, Inc. (@Maverik) April 21, 2023
“This is the most momentous day in the 63-year history of our family business,” said Tanner Krause, Kum & Go’s president and CEO. “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.”
Financial terms of the deal were not released in Friday’s announcement. Officials expect the deal to close in the coming months.
Kum & Go opened its first Utah location in Draper last December. It was the first new state the company had entered in over 10 years. The chain also announced plans to open stores in South Jordan, Murray and Herriman in early 2023, with plans to open more than 30 stores in Utah over the next five years.
