QuikTrip spokesperson Mike Thornbrugh told CSP Daily News that Springfield "was a good market for QuikTrip, and it was a very difficult decision to leave it, but that market no longer fit our long-term strategy, so we sold [the stores] to a high-quality operator."
He [image-nocss] also said that all of the employees "who wish to remain with QuikTrip will be given the opportunity."
As reported in a Morgan Keegan/CSP Daily News Flash on Thursday, Casey's said that the five QuikTrip locations will be immediately rebranded to the Casey's brand once the transaction is completed.
"Springfield has been a great market for Casey's, and we are excited to expand our presence there," said Robert J. Myers, president and CEO of Casey's. "These stores have been well maintained and are high-volume locations that will be a perfect fit for our proprietary prepared food program."
Bill Walljasper, CFO of Casey's told CSP Daily News that its "unit growth strategy is to grow our store base by building new store as well as through acquisitions. This was an excellent opportunity to grow our presence not only in Missouri, but specifically in Springfield."
He added, " With the addition of these five stores, we will have nine store in Springfield, Mo. We also have numerous stores in the surrounding communities such as Nixa, Republic and Ozark."
The Ankeny, Iowa-based regional retailer said it expects this acquisition to be immediately accretive to earnings in their first full year of operation. The acquisition is subject to certain regulatory approvals and other customary closing conditions.
The transaction is expected to close in the company's first quarter of the fiscal 2012 year and will be funded by existing cash and cash flow, Casey's said.
In mid-February, Casey's acquired 11 NuWay stores in Minnesota. (Click here for previous CSP Daily News coverage.)
Casey's has approximately 1,550 stores in nine Midwestern states, primarily Iowa, Missouri and Illinois.
Tulsa, Okla.-based QuikTrip currently operates 572 stores in nine states, in the Midwest, Arizona and metropolitan Atlanta areas. It opened two stores yesterday--one in Frisco, Texas, and one in Chandler, Ariz. It also has 21 locations under construction, said Thornbrugh.
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