DES MOINES, Iowa — The Iowa-based family-owned Kum & Go convenience store chain has a new owner. Salt Lake City-based Maverik — Adventure’s First Stop, which operates 380 stores in 12 western states, has acquired the Kum & Go chain.
The announcement was made Friday that Kum & Go owner Krause Group was selling its more than 400 stores, along with Solar Transport a tank truck carrier and logistic provider it also owns.
“This is the most momentous day in the 63-year history of our family business. My family has worked for four generations to create and build Kum & Go into a business that has done an incredible amount of good for our people, for Iowa and beyond. Serving as President for the past five years has been the fulfillment of my lifelong dream,” said Tanner Krause, President and CEO of Kum & Go.
Krause also expressed his admiration for Maverik’s President, Chuck Maggelet, who he said will be a good steward of Kum & Go’s people and culture.
“We have long admired the Kum & Go brand. 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,” said Maggelet.
The financial terms of the deal were not disclosed. Company officials expect the sale to close in the coming months. The Krause Group has declined WHO 13’s request for an interview on the sale.