Convenient store and transportation operator Maverik-Adventure’s First Stop, headquartered in North Salt Lake, together with its parent company, FJ Management, have announced the acquisition of Kum & Go, a family-owned convenience store chain with over 400 locations across 13 states. Kum & Go is owned by Des Moines, Iowa-based Krause Group, which will also sell its tank truck carrier and logistic company Solar Transport to Maverik. Financial terms were not disclosed.
“The combination of Maverik and{mprestriction ids="1,3"} 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 Maverik new release said.
“We have long admired the Kum & Go brand. Kyle and Tanner [Krause], and the generations before them, have built an exceptional business that pairs quality with convenience and puts people first,” said Chuck Maggelet, president and chief adventure guide of Maverik. “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.”
Kyle Krause, Krause Group president and CEO, said, “Kum & Go has always been driven by a desire to innovate, grow and serve our customers, our communities and our people. Maverik has built its business in the same way and 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, which will always be the home of the Krause Group and important to our future.”
Tanner Krause, president and CEO of Kum & Go, said, “This 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. 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.”
Maverik operates nearly 400 locations and is growing across 12 western states, making it the largest independent fuel marketer in the Intermountain West. Locations include Arizona, California, Colorado, Idaho, New Mexico, Nebraska, Nevada, Oregon, South Dakota, Utah, Washington and Wyoming.{/mprestriction}
