Kum & Go officially sold to Salt Lake City-based corporation
A popular Iowa convenience store chain has officially been sold.
Kum & Go was purchased from the Krause Group by Maverik, a Salt Lake City-based company, on Tuesday, completing an acquisition that has been in the works for months.
Maverik also acquired Solar Transport from the Krause Group in the deal. Solar Transport is a tank truck carrier and logistic provider.
"I’m confident Kum & Go and Solar Transport are set up for future success with Maverik," Kyle Krause, the Krause Group founder and CEO, said in a release. "As we start the next chapter at Krause Group, we will nurture our family of brands and create more opportunities to do good in the world."
Maverik also announced plans to donate $50,000 to the Des Moines Public Schools Foundation to provide food and toiletries at DMPS food pantries.
In a news release, Maverik CEO Chuck Maggelet said the company plans to rebrand 120 to 140 existing Kum & Go stores in Utah, Idaho, Colorado and Wyoming.
"Starting this January, we’ll be working to convert those stores to Maveriks," he said in the release.
For the remaining two-thirds of Kum & Go stores, including the 100 locations in Iowa, he said: "Right now, we think we can bring a lot of what’s really good about Maverik into the Kum & Go world without necessarily rebranding and will continue to evaluate future changes."
The Krause Group, which is based in Des Moines, said they will continue to focus on local real estate projects and launching a USL Championship professional soccer team. They have no current plans for acquisitions.