ANKENY, IOWA - Convenience store operator Casey's General Stores Inc. said Tuesday it plans to buy 11 stores in Minnesota from NuWay Cooperative in a deal that should immediately help earnings.
Terms of the acquisition were not disclosed. All the locations are operating under the NuMart banner and will be rebranded to Casey's.
"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 marketing presence in southern Minnesota," CEO Robert J. Myers said in a statement.
The deal will be funded by existing cash and operating cash flow, Casey's said.
Shares of Casey's closed on Tuesday at $42.97, up 12 cents.
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