Caseys General Stores is to acquire 11 NuWay outlets

Casey's General Stores is to acquire 11 NuWay outlets

US-based retailer Casey's General Stores has entered an agreement to acquire some 11 convenience stores from the NuWay Cooperative of Trimont, Minnesota.

The company said yesterday (15 February) that all of the stores are currently operated under the NuMart banner and will be "immediately rebranded to Casey's".

Commenting on the purchase, Casey's president and CEO Robert Myers said: "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 market presence in southern Minnesota."

Casey's expects the acquisition to be "immediately accretive to earnings" and provide further earnings enhancements as operating efficiencies are realised and the prepared food programme is added.

The acquisition remains subject to regulatory approvals, but is expected to close in Casey's fiscal fourth quarter.

The value of the deal was not disclosed.