SALT LAKE CITY — Utah-based Maverik announced the acquisition of popular convenience store chain Kum & Go which will pave the way for them to make their mark in eight new states in the midwest.
Maverik has 380 locations in 12 states and is primarily focused in the West. Its reach goes as far as South Dakota and Nebraska, with the majority of locations centered in Utah.
On the other hand, family-owned Kum & Go has 400 locations that span 13 states, of which only a few are located in Utah.
Kum & Go will help Maverik expand into Oklahoma, Kansas, Missouri, Arkansas, Iowa and other states.
With the acquisition, Maverik will grow to nearly 800 stores in 20 states across the nation.
"The combination of Maverik and Kum & Go creates a best-in-class convenience store operator across the Midwest and Rocky Mountain regions with a differentiated value proposition across fuel, foodservice and inside store offerings," a release from the company reads in part.
Tanner Krause, President and CEO of Kum & Go said that the acquisition 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," a statement reads in part.
Maverik leaders said they have long admired the Kum & Go brand and are eager to continue its legacy.
"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," said Chuck Maggelet, President and Chief Adventure Guide of Maverik.
In addition to Kum & Go, Maverik will also acquire Solar Transport, which is a tank truck carrier and logistic provider owned by the Krause Group.
Financial terms of the acquisition were not made available and the deal is expected to close in the coming months.