ANKENY, Iowa--(BUSINESS WIRE)--Casey’s General Stores, Inc. (“Casey’s”) (Nasdaq: CASY) today announced an agreement to acquire 63 convenience stores from EG America, LLC (“EG America”), a subsidiary of EG Group Ltd. (“EG Group”).
The stores are located in Kentucky and Tennessee, and currently operate under the Minit Mart and Certified Oil banners.
Casey’s and EG America, two of the leading convenience store chains in the United States, anticipate the deal will close later this year, subject to customary regulatory approvals. Casey’s is expected to retain the impacted employees at each store, and EG America is cooperating to make their transition as seamless as possible.
Darren Rebelez, President and Chief Executive Officer at Casey’s, said: “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. 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.”
Nick Unkovic, President of EG America, said: “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. Casey’s is an excellent operator, and we believe these stores and team members will continue to thrive under their ownership.”
Zuber Issa, co-Founder and co-CEO of EG Group, said: “EG Group is pleased to have found a new home for some of our Certified Oil and Minit Mart portfolio. This divestment will enable both parties to execute their strategic plans, respectively. For EG Group, this divestment also represents another important step in executing our deleveraging strategy.”
About Casey’s
Casey’s is a Fortune 500 company (NASDAQ: CASY) operating over 2,500 convenience stores. Founded more than 50 years ago, the company has grown to become the third-largest convenience store retailer and the fifth-largest pizza chain in the United States. Casey’s provides freshly prepared foods, quality fuel and friendly service at its locations. Guests can enjoy pizza, donuts, other assorted bakery items, and a wide selection of beverages and snacks. Learn more and order online at www.caseys.com, or in the mobile app.
About EG Group
Founded in 2001 by the Issa brothers, the United Kingdom-based EG Group is a leading independent convenience retailer, which has established partnerships with global brands, as well as a focused portfolio of proprietary brands. The business has an established pedigree of delivering a world-class Grocery & Merchandise, Foodservice and Fuel proposition in all the markets in which it operates.
EG Group currently employs more than 50,000 colleagues working in over 6,600 sites across the UK&I, Europe, USA and Australia. The business is regularly recognized for innovation and investment in convenience retail assets, employees and systems. Mohsin and Zuber Issa, founders and co- CEOs of EG Group, were jointly named the 2018 EY Entrepreneur of the Year in the UK.
Further information at www.eg.group
Forward-Looking Statements
Certain statements contained in this release may constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those that discuss future plans or expectations regarding business performance. Forward-looking statements are not guarantees of future business performance or that future events will occur, and inherently involve certain risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in any forward-looking statements, and we cannot assure you that the results or developments expressed in these statements will be realized or even if realized, will have the expected consequences to, or effects on, the business, prospects, store integration or growth, financial condition, results of operations or cash flows. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Any forward looking statements in this release represent current views as of the date of this release with respect to future events, and any intention or obligation to update or revise any forward-looking statements in the release, whether as a result of new information, future events, or otherwise, is expressly disclaimed.
