Convenience Store Giant to Acquire 40 Pilot Locations in $220 MILLION Deal
Ankeny, IA – A leading convenience store chain is acquiring dozens of locations from Pilot Corporation in a deal worth more than $200 million.
In an announcement, Casey General Stores, Inc. — operator of over 2,300 convenience stores — said it is acquiring 40 Pilot locations, reportedly 38 convenient stores and two travel centers, primarily throughout Kentucky and Tennessee.
The $220 million all-cash transaction will be funded with a combination of cash on hand and bank financing.
It is also subject to customary closing conditions and regulatory approvals, Casey’s said.
“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,” said Pilot Company Chairman Jimmy Haslam.
“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,” said Darren Rebelez, President and Chief Executive Officer at Casey’s. “We look forward to carrying forward these Haslam family legacy stores and welcoming their team into the Casey’s family.”
Billionaire Warren Buffett’s Berkshire Hathaway currently owns a 38.6% share in Pilot Corporation and will take a majority share of the company by 2023.
However, Pilot’s convenience stores are owned and operated independently from its travel center and energy businesses and were not included in the Berkshire Hathaway transaction, Casey’s noted.