The acquisition was announced in July and totaled $1.145 billion.

November 06, 2024

On Tuesday, Casey’s General Stores Inc. announced the closing of its acquisition of Fikes Wholesale, owner of CEFCO Convenience Stores, on November 1, 2024.

Casey’s said that the acquisition will bring 148 additional stores to Texas, which it said is “a highly strategic market” for Casey’s, as well as add 50 stores in the southern states of Alabama, Florida, and Mississippi. This acquisition brings the company’s total store count to approximately 2,900 stores.

“This acquisition is the largest in Casey’s history and in line with the strategic plan laid out at the June 2023 Investor Day,” said Darren Rebelez, board chair, president, and chief executive officer of Casey’s. “We are thrilled to complete this transaction, welcome Fikes to the Casey’s team and look forward to bringing Casey’s pizza to these high-volume stores.”

The all-cash transaction totaled $1.145 billion. The purchase price includes tax benefits valued at approximately $165 million for a net after-tax purchase price of $980 million.

“During our Investor Day presentation in June of 2023, we outlined our business strategy to achieve top-quintile EBITDA growth. One of the core pillars of the plan is to grow the number of units,” said Rebelez in a statement released by the company when the acquisition was first announced. “This acquisition will allow Casey’s to accelerate our unit growth plan with high-quality assets that, along with [2023’s Lone Star acquisition], will provide an expanded presence in Texas and allow us to continue to expand in the state and region.”

Raymond Smith, president of Fikes and CEFCO, highlighted the alignment between the two convenience organizations. “The acquisition by Casey’s, especially given its reputation and shared values, is an exciting development for Fikes and our employees. I am happy that the CEFCO stores will join a top convenience retailer that will reinvest in the stores and eventually bring Casey’s pizza to many of our customers as well as provide professional opportunities for our employees. We believe Casey’s will be an excellent steward of the CEFCO experience that our loyal customers have come to expect.”