ALEXANDRIA, Va.—Maverik – Adventure’s First Stop has purchased Kum & Go. The combined company will have more than 800 units across 20 states in the Midwest and Rocky Mountain region, making Maverik one of the ten largest convenience retailers by store count.
According to a press release, as part of the transaction, Maverik will also acquire Solar Transport, a tank truck carrier and logistic provider owned by the Krause Group.
The deal takes an iconic Iowa brand out of the hands of the Krauses, the founding family who started the 400-store chain with a single location in the small town of Hampton in 1959. According to the Des Moines Register, the family is working on a string of developments in downtown Des Moines, including a soccer stadium.
FJ Management, the parent company of Maverik, also owns Big West Oil refinery and is a part owner of Pilot Flying J.
“Kum & Go has always been driven by a desire to innovate, grow and serve our customers, our communities and our people. Maverik has built its business in the same way and is ideally positioned to lead the next chapter of growth for Kum & Go. We have much in common, and I look forward to welcoming Chuck’s leadership, his team and Maverik to Des Moines, which will always be the home of the Krause Group and is important to our future,” said Kyle Krause, Krause Group President and CEO.
“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. I’ve had the pleasure of knowing Chuck Maggelet for years and hold a lot of respect for him as a person and a business leader. I’m confident the Maggelets and Maverik will be good stewards of Kum & Go’s people and culture for generations to come,” said Tanner Krause, president and CEO of Kum & Go.
Maggelet and Tanner Krause appeared on the NACS Convenience Matters podcast together. Listen here.