According to a news release, the financial terms of the agreements aren’t being released.
Kum & Go has more than 400 locations across 13 states, while Solar Transport, a fuel tanker truck carrier and logistics provider, operates more than 20 terminals with regional offices in Iowa, Colorado and Missouri.
Maverik operates 380 locations — known as Maverik-Adventures First Stops — across 12 western states, making it the largest independent fuel marketer in the Intermountain West.
“The combination of Maverik and Kum & Go creates a best-in-class convenience store operator across the Midwest and Rocky Mountain regions with a differentiated value proposition across fuel, foodservice and inside store offerings,” a news release stated.
Chuck Maggelet, president and chief adventure guide for Maverik, lauded Kum & Go owners the Krause Group, saying that Kyle and Tanner Krause, along with he 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,” Maggelet added. “We look forward to welcoming Kum & Go and Solar Transport associates and stores to Maverik.”
Kyle Krause, Krause Group president and CEO, said that Kum & Go has always been driven by a desire to innovate, grow and serve its customers, communities and people.
“Maverik has built its business in the same way and is ideally positioned to lead the next chapter of growth for Kum & Go,” Kyle Krause said. “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 important to our future.”
The transaction is expected to close in the coming months and is subject to customary closing provisions.
“This is the most momentous day in the 63-year history of our family business,” said Tanner Krause, president and CEO of Kum & Go. “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.”
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.