USA: Casey’s to acquire 40 Pilot c-stores in Tennessee, Kentucky
All-cash transaction for $220 million. Pilot’s convenience stores are owned and operated independently from its travel center and energy businesses.
Casey’s General Stores, Inc., a leading convenience store chain in the United States, announced an agreement to acquire 40 Pilot convenience stores from Pilot Corporation in an all-cash transaction for $220 million.
The 40 Pilot stores will extend Casey’s presence in Tennessee and Kentucky with locations primarily in the Knoxville, Tennessee, market. Pilot’s convenience stores are owned and operated independently from its travel center and energy businesses
Casey’s will fund the transaction with a combination of cash on hand and bank financing. The transaction is subject to customary closing conditions and regulatory approvals, including Hart-Scott-Rodino clearance.
“These stores have a track record of strong performance, and are high quality assets that will be a great fit for Casey’s fresh food program, especially our handmade pizza,” said Darren Rebelez, President and Chief Executive Officer at Casey’s.
“The company will continue our intense focus on growing our core travel center network and energy businesses with significant investments in our people and our stores,” said Pilot Company Chairman, Jimmy Haslam.
Founded more than 50 years ago, Casey’s has grown to become the third-largest convenience store retailer operating over 2,300 convenience stores, and the fifth-largest pizza chain in the United States.
Founded in 1958 and headquartered in Knoxville, Tennessee, Pilot Company has grown its network to more than 800 retail and fueling locations and it is the third largest tanker fleet in North America.
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