Casey’s General Stores announced Tuesday an agreement to acquire 63 convenience stores from EG America, a subsidiary of EG Group Ltd., an independent convenience retailer.
The stores are in Kentucky and Tennessee and operate under the Minit Mart and Certified Oil banners.
“We have built a strong and successful business over the years in these Certified Oil and Minit Mart stores, and we are proud of the hard work and dedication shown by our team members there,” said Nick Unkovic, president of EG America, in a statement. “Casey’s is an excellent operator, and we believe these stores and team members will continue to thrive under their ownership.”
Casey’s and EG America anticipate the deal will close later this year, subject to customary regulatory approvals. Casey’s is expected to retain the employees at each impacted store.
“One of the key pillars in our strategic plan is to accelerate our store growth over the next three years and bring Casey’s to more communities,” said Darren Rebelez, president and CEO at Casey’s, in a statement. “This opportunity is an excellent strategic fit as we look to add locations in Kentucky and Tennessee, which are both within our existing distribution footprint. We look forward to serving more guests in these markets and welcoming the team members from this transaction into the Casey’s family.”
EG Group co-founder and co-CEO Zuber Issa also shared that this acquisition helps EG Group playing into the business's deleveraging strategy, wherein the sale of the convenience stores will help reduce EG Group's debt.
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Image: Casey's