Convenience store chain Casey’s, which operates in the Midwest and South, said that it has reached an agreement to buy Fikes Wholesale, the company that owns the CEFCO network.
A news release from Casey’s stated that as a result of the $1.145 billion deal, Casey’s will be the owner of all 198 CEFCO convenience stores located in Texas, Alabama, Mississippi, and Florida.
Nearly 2,900 Casey’s locations will be under Casey’s ownership after the acquisition concludes in late 2024. The pizza that the restaurant serves at its several outlets is well-known. They are apparently the fifth-largest pizza chain in the nation because to their extensive reach.
“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,” Raymond Smith, president of Fikes Wholesale and CEFCO stated.
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Smith indicated reinvesting, and the CEFCO outlets will receive a $980 million net investment as a result. Casey’s estimates that the value of such assets is approximately eleven times that of CEFCO’s pro forma EBITDA (profits before interest, taxes, depreciation, and amortization) for 2023.
“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,” Darren Rebelez, board chair, president and CEO of Casey’s stated.
To find out more, go to Casey’s website.
