Casey’s Expanding Again, Buys 198 Stores for $1 Billion

Imagine living in a world where you couldn't drive down the street and grab a slice of Casey's breakfast pizza. I shudder at the thought. Some states don't have the luxury of a Casey's General Store, but a new deal is about to bring Casey's stores to a whole new set of neighborhoods.

The Cedar Rapids Gazette reports that Casey's General Stores has announced that it is acquiring 198 CEFCO convenience stores for the whopping price tag of $1.145 billion. The purchase of the stores from Fikes Wholesale will boost the total number of Casey's locations to nearly 2,900 nationwide. The all-cash transaction will boost Casey's presence in four Southern states, according to the Gazette. 

Casey's was founded in Boone, Iowa in 1968. The Gazette reports that the convenience store chain is currently the third-largest in the nation and the fifth-largest pizza chain in the United States. The deal will mean 148 new Casey's locations in Texas, which is a 'highly strategic market' for the chain. 50 more Casey's locations will eventually appear in states like Alabama, Florida, and Mississippi.

The Gazette reports that the deal is expected to be finalized in the last quarter of this year, It looks like the Texas panhandle will have to wait a bit longer for breakfast pizza after all.

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