Maverik just doubled in size by acquiring Kum & Go convenience store chain

Just a few months after opening its own 400th store, the parent company of Utah-based Maverik announced Friday it has entered into an agreement to acquire convenience store chain Kum & Go from the Krause Group in a transaction that more than doubles Maverik’s store count.

Maverik operates 400 stores across 12 Western states and will grow its geographic footprint with Des Moines, Iowa-based Kum & Go’s network of over 400 stores across the Midwest and West. Kum & Go has a small presence in Utah, opening its first store in the state in Draper last December.

As part of the transaction, Maverik announced it will also acquire Solar Transport, a tank truck carrier and logistics provider owned by the Krause Group.

Maverik President Chuck Maggelet said the family-owned Kum & Go chain is the perfect acquisition to continue building out the Maverik brand in new territories.

“We have long admired the Kum & Go brand,” Maggelet said in a press release. “Kyle and Tanner, and the generations before them, have built an exceptional business that pairs quality with convenience and puts people first. 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.”

Maverik got its start in 1928 when 20-year-old Reuel Call opened a two-pump gas station in his hometown of Afton, Wyoming, according to the company. And, even as it’s grown into a multistate retail giant, the company remains a family business as the current chairwoman and CEO of FJ Management, the private holding company that owns Maverik, is Crystal Maggelet, Call’s niece.

Kum & Go has a similar, family-centric background as a chain that was started by the Krause family in 1959 with a single location in Hampton, Iowa, according to the Des Moines Register.

Kyle Krause, Krause Group president and CEO, acknowledged the shared legacy, and goals, of the convenience and fuel outlet chains as news of the deal was announced Friday.

“Kum & Go has always been driven by a desire to innovate, grow and serve our customers, our communities and our people,” Krause said in a press statement. “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.”

Financial terms of the transaction have not been disclosed, though Reuter’s estimated the value of the Kum & Go chain as almost $2 billion in a February report. The deal is expected to close in the coming months, according to Maverik’s announcement.