Casey's General Stores closes on its largest acquisition ever
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Casey’s General Stores (NASDAQ:CASY) announced that it closed on the acquisition of Fikes Wholesale, which owns the CEFCO Convenience Stores chain.
The acquisition will bring 148 additional stores in Texas, which is a highly strategic market for Casey's (CASY), as well as 50 stores in the southern states of Alabama, Florida, and Mississippi. The acquisition brings the total Casey's (CASY) 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.
Founded in 1979 by Fikes Wholesale Inc., CEFCO originated from a single Texaco filling station opened in 1952 by Clarence Edison Fikes in Cameron, Texas. The company has experienced significant growth, expanding from one store to 77 locations across four states (Texas, Alabama, Arkansas, and Louisiana).
CEFCO has maintained an average growth rate of over 20% per year from 1994 to 2006 and continues to expand by adding six to twelve new stores annually.
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