TEXAS, USA — Popular Midwestern retail chain Casey’s recently announced their purchase of nearly 200 CEFCO convenience stores, including nearly 150 in Texas, in a $1.145 billion deal.
The deal, which also includes 50 stores in other southern states, including Alabama, Florida, and Mississippi, will expand Casey’s footprint to nearly 2,900 stores. The deal also includes a fuel terminal and a commissary to support the Texas stores.
The news comes after Casey’s, which claims to be the third-largest convenience store retailer and fifth-largest pizza chain in the U.S., announced plans to buy 22 stores in Texas and open some Casey’s in their place, including in North Texas, back in November.
“This acquisition will allow Casey’s to accelerate our unit growth plan with high-quality assets that, along with our recent 22 store acquisition in northern Texas, will provide an expanded presence in Texas and allow us to continue to expand in the state and region,” Casey’s CEO Darren Rebelez said in a statement.
Fikes Wholesale, Inc. and CEFCO Convenience Stores began as a single “filling station” in Cameron, Texas in 1952 and has grown to have stores in multiple states.
“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,” said Fikes and CEFCO President Raymond Smith.
“We expect the acquisition will create value for Casey’s shareholders in the near- and long-term and will be accretive to Casey’s EBITDA in the current fiscal year. Fikes is a well-run and well-respected company in our industry, and we look forward to welcoming the Fikes team to the Casey’s family. We could not be more excited about the future of our two organizations,” Rebelez added.
The transaction is anticipated to close during the fourth quarter of 2024, subject to customary closing conditions and regulatory approval.
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