TYLER, Texas — Casey’s General Stores announced its purchase of nearly 200 CEFCO stores on Friday, expanding its presence in Texas and other parts of the southern United States.
The acquisition is worth $1.145 billion and the after-tax purchase price came out to be $980 million, according to the announcement. CEFCO began as a single “filling station” in Cameron in 1952, and it grew as a respected operator with stores across multiple states.
This agreement will bring 148 additional Casey's stores to Texas and 50 stores in the southern states of Alabama, Florida and Mississippi. The transaction also adds a fuel terminal and a commissary to support the Texas stores.
"This acquisition will allow Casey’s to accelerate our unit growth plan with high-quality assets that, along with our recent 22 store acquisition in northern Texas, will provide an expanded presence in Texas and allow us to continue to expand in the state and region," said Darren Rebelez, board chair, president and CEO of Casey’s.
Raymond Smith, president of Fikes and CEFCO, called the acquisition by Casey’s an exciting development, especially because of the reputation that Casey's has and its shared values with CEFCO.
"I am happy that the CEFCO stores will join a top convenience retailer that will reinvest in the stores and eventually bring Casey’s pizza to many of our customers as well as provide professional opportunities for our employees. We believe Casey’s will be an excellent steward of the CEFCO experience that our loyal customers have come to expect," Smith said.
The sale is expected to be complete by the end of the fourth quarter of 2024.