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SALT LAKE CITY — The Maverik gas station chain announced Tuesday that it completed its acquisition of Midwestern chain Kum & Go and will rebrand its Utah and Intermountain West locations as Maveriks.
Terms of the finalized deal were not disclosed, but the Salt Lake City-based convenience store company and its primary owner, FJ Management, also acquired Solar Transport, a tank truck carrier and logistic provider brand, in addition to Kum & Go, as a part of its agreement with the Krause Group. The agreement was first announced in April.
The acquisition effectively doubles Maverik's portfolio to more than 14,000 employees and 800 locations in 20 states, making it the 12th-largest convenience store chain in the country. Maverik CEO Chuck Maggelet will oversee the new "combined organization" moving forward, according to the companies.
"We are excited to welcome Kum & Go and Solar Transport team members to Maverik. Together, we'll offer our customers an adventurous and differentiated convenience store experience across fuel, food service and inside-store offerings," Maggelet said in a statement. "We look forward to using our combined resources to grow our business and further elevate our product offerings to provide the best service to our customers."
Plans are already underway on what that means for Kum & Go, an Iowa-based company founded in 1959. It opened its first Utah location last year after revealing plans to open more than 30 stories in the Beehive State the year before.
All Utah locations that have opened over the past few months will be rebranded to Maverik stores in the coming months — along with other Kum & Go locations across the Intermountain West. In an interview with the National Association of Convenience Stores, Maggelet said about 120 to 140 stores across Utah, Colorado, Idaho and Wyoming will be rebranded to Maverik stores beginning at the start of 2024.
Maverik is still mulling what to do with all the other locations, which represent about two-thirds of the Midwest brand's footprint.
"Right now, we think we can bring a lot of what's really good about Maverik into the Kum & Go world without necessarily rebranding and will continue to evaluate future changes," Maggelet added.
Kum & Go was established by William Krause and Tony Gentle in Hampton, Iowa, at the end of the 1950s. It remained in the family for decades with Tanner Krause, the founders' great-grandson, serving as the company's CEO. However, it was announced Tuesday that he will "transition out of the company" as Maverik takes over.
"I'm confident Kum & Go and Solar Transport are set up for future success with Maverik," said Kyle Krause, founder and CEO of the Krause Group, in a statement. "As we start the next chapter at Krause Group, we will nurture our family of brands and create more opportunities to do good in the world."
