Dive Brief:
- Casey’s General Stores has agreed to acquire select assets of Oklahoma-based convenience retailer and fuel distributor ASAP Energy, representatives from both companies confirmed to C-Store Dive.
- The deal includes ASAP’s 20 convenience stores in Oklahoma, along with its wholesale and commercial fuels and lubricants businesses and other related assets, according to a Casey’s spokesperson.
- The acquisition marks Casey’s second purchase of 20 or more convenience stores this summer as the retailer advances its plan to add at least 400 locations to its network over the next three years.
Dive Insight:
While organic growth remains a key part of Casey’s expansion strategy, the convenience retailer continues to use bolt-on acquisitions as well to accelerate store growth.
In early August, Casey’s agreed to acquire 24 locations from Texas-based convenience retailer Pak-A-Sak. The ASAP deal continues that strategy as Casey’s approaches 3,000 convenience stores in the U.S. — a milestone only surpassed by 7-Eleven and Circle K. It will also expand Casey’s already sizable footprint in Oklahoma, where the retailer had nearly 150 locations as of this summer.
The deal does not include ASAP’s Lucille's Hotel, the Lucille's Restaurants or Ricks Boots and Outfitters, representatives from both companies confirmed. Casey’s spokesperson added that the deal also excludes ASAP’s Centurion Land Development arm. Casey’s spokesperson declined to share an estimated closing date for the transaction.
“The attractive mix of high-quality convenience retail stores, and wholesale and commercial fuels and lubricants businesses align strongly with Casey’s growth strategy,” Casey’s spokesperson said in a statement to C-Store Dive. “We look forward to the next steps in this transaction and welcoming the employees to the Casey’s family.”
ASAP, which was founded in 1979, is the latest independent retailer to exit the industry as economic headwinds continue to make the operating environment challenging for smaller convenience store owners.
In an announcement shared with the Weatherford Daily News and posted on Facebook, ASAP Energy Owners Rick and Sheila Koch said the decision to sell aims to give its employees “more opportunities for professional growth, more resources, and more possibilities for long-term success.”
“We believe Casey's can provide those opportunities,” Rick and Sheila Koch said. “Casey's is a company where people can build long, rewarding careers, and we see this as an incredible opportunity for our Team members to grow alongside a thriving brand.”
