Casey’s General Stores is set to acquire 24 Stop-n-Go convenience stores in Minnesota and North Dakota, according to the (Iowa) Gazette.
Of the 24 locations, 20 are located in North Dakota and four are in Minnesota.
“This acquisition will be accretive to earnings in the first year of operation and will provide future earnings enhancements as we realize operating efficiencies and integrate our prepared food operations,” Robert Myers, Casey’s president and CEO, told the Gazette.
The acquisition is set to close in May and is subject to regulatory approvals and other customary closing conditions, including Casey’s receipt of satisfactory inspection reports related to the stores.
Myers told the Gazette that following the Stop-n-Go acquisition the chain expects to also construct additional Casey’s stores in Minnesota and North Dakota, as well as consider potential purchases and conversions of existing convenience stores.
Casey’s plans to fund the Stop-n-Go acquisition with a combination of existing cash and operating cash flow.
Casey’s has 1,775 company-owned stores primarily in Iowa, Illinois, Indiana, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wisconsin.