Casey's General Stores Inc. announced that it has signed an asset purchase agreement to acquire 24 Stop-n-Go locations. Twenty of the stores are located in North Dakota and four are located in Minnesota, according to a news release.
"We are excited about the opportunity to acquire the Stop-n-Go chain as they are a well-managed and established group of stores in a relatively new market area for Casey's," said Robert Myers, president and CEO. "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. We hope this acquisition serves as a springboard for more Casey's locations in the area as we continue to look for opportunities to build and buy stores in the upper Midwest."
The move comes as Casey's expands its pizza offerings, including delivery in some markets.
The transaction is expected to close in May 2014, and will be funded by a combination of existing cash and operating cash flow.
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