Convenience stores, the epitome of convenience consumers look for, are continuing to spread their influence amongst shoppers. In particular, Casey’s General Stores recently announced it had entered a $220 million acquisition agreement with Pilot Corporation.
“These stores have a track record of strong performance, and are high-quality assets that will be a great fit for Casey’s fresh food program, especially our handmade pizza,” said Darren Rebelez, President and Chief Executive Officer at Casey’s. “We look forward to carrying forward these Haslam family legacy stores and welcoming their team into the Casey’s family.”
The all-cash transaction includes the acquisition of 40 Pilot convenience stores, which will extend Casey’s presence in Tennessee and Kentucky with well-established locations primarily in the attractive Knoxville, Tennessee, market.
“Casey’s is a great convenience store chain that shares similar values as Pilot and we couldn’t be more excited for what they will bring to the community,” said Pilot Company Chairman Jimmy Haslam. “We are very thankful for the tremendous service our team members have provided and know they will be in great hands with Casey’s. Pilot and the Haslam family will always be committed to the Knoxville community, our philanthropic efforts, and being a top employer in the region. The company will continue our intense focus on growing our core travel center network and energy businesses with significant investments in our people and our stores to provide the best team member and guest experience at our more than 800 locations across North America.”
According to the release, Casey’s will fund the transaction with a combination of cash on hand and bank financing. The transaction is subject to customary closing conditions and regulatory approvals, including Hart-Scott-Rodino clearance.
Pilot’s convenience stores are owned and operated independently from its travel center and energy businesses and were not included in the Berkshire Hathaway transaction. BofA Securities, Inc. acted as exclusive financial advisor to Pilot Corporation.
Stay up to date on acquisitions, developments, and expansions in the retail sector as Deli Market News reports.
