Truck drivers delivering loads in Tennessee and Kentucky can anticipate familiar Pilot fueling stations and overnight stops to start flying the Casey’s General Store banner.
A deal was reportedly brokered between the Knoxville-based Pilot Corporation and Casey’s to transfer ownership of 40 locations for a whopping $220 million. The change in owners impacts 38 convenience stores and a pair of truck stops in Nashville, TN, and Middlesboro, KY.
Casey’s, primarily a convenience store operation based out of Ankeny, Iowa, once again extends its footprint across Tennessee and Kentucky. The company reportedly expanded by purchasing 49 Circle K locations for $39 million, and 88 Bucky’s Convenience Stores locations for $580 million. The Iowa-based company has increased its food options and continues to work with non-profits and community organizations. Casey’s engaged in a partnership with Convenience Stores Against Trafficking, supports Special Olympics, Hope for Warriors, and links rewards programs to charities, among others.
“Casey’s is a great convenience store chain that shares similar values as Pilot, and we couldn’t be more excited for what they will bring to the community,” Pilot Company Chairman Jimmy Haslam reportedly said. “We are very thankful for the tremendous service our team members have provided and know they will be in great hands with Casey’s. Pilot and the Haslam family will always be committed to the Knoxville community, our philanthropic efforts and being a top employer in the region. The company will continue our intense focus on growing our core travel center network and energy businesses with significant investments in our people and our stores to provide the best team member and guest experience at our more than 800 locations across North America.”
Warren Buffet reportedly purchased a stake in Pilot in 2017 and currently owns 38.6 percent of the company. Reports indicate that Buffet plans to secure a majority of Pilot stock by 2023, and the 40 locations did not affect his holding through Berkshire Hathaway. Although Pilot reportedly separates its convenience store outlets and energy endeavors, the future of the two travel centers that are part of the transaction remains uncertain.
“These stores have a track record of strong performance and are high-quality assets that will be a great fit for Casey’s fresh food program, especially our handmade pizza,” Casey’s CEO Darren Rebelez reportedly said. “We look forward to carrying forward these Haslam family legacy stores and welcoming their team.”
Pilot ranks among the well-known truck stops that typically offers secure overnight parking, hot meals, and shower facilities, among others. Casey’s General Store officials have not indicated any significant change to the Nashville and Middlesboro truck stops. If the Federal Trade Commission approves the transaction, Casey’s will expand its footprint to upwards of 2,420 locations across 16 states.
Source: marketwatch.com
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