CASEYS GEN NPV : Casey's Signs Definitive Agreement to Acquire NuWay Cooperative's NuMart Convenience Stores
02/15/2011| 12:55pm US/Eastern
Casey's General Stores, Inc. (Nasdaq: CASY) today announced that it has
signed a definitive purchase agreement to acquire 11 convenience stores
from NuWay Cooperative of Trimont, Minnesota. All of the stores are
located in Minnesota operating under the NuMart banner and will be
immediately rebranded to Casey's.
?We are excited about this opportunity. These are well maintained
locations that fit perfectly with the Company's business model of
operating in smaller rural communities and further strengthens our
existing market presence in southern Minnesota,? said Robert J. Myers,
President and CEO.
The Company expects this acquisition to be immediately accretive to
earnings and provide further earnings enhancements as operating
efficiencies are realized and the prepared food program is added.
The acquisition is subject to certain regulatory approvals and other
customary closing conditions. The transaction is expected to close
during the Company's fourth fiscal quarter. The acquisition will be
funded by existing cash and operating cash flow.
Casey's General Stores, Inc.
Bill Walljasper, 515-965-6505
© Business Wire 2011