Casey's to buy Fikes Wholesale (CEFCO) for $1.145 billion, adding 198 stores
Casey's General Stores agreed on July 25, 2024 to acquire Fikes Wholesale, owner of CEFCO Convenience Stores, in an all-cash deal. The deal would add 198 retail stores and a dealer network, and the company says it is accretive to EBITDA in the current fiscal year, which is a company claim not yet tested by results. The deal is subject to regulatory review and is expected to close in the fourth quarter of 2024.
Key points
- Aggregate cash purchase price of $1.145 billion, including tax benefits valued at about $165 million, for a net after-tax price of $980 million
- Adds 198 stores and a dealer network, taking the footprint to nearly 2,900 stores; 148 stores are in Texas and 50 are in Alabama, Florida and Mississippi
- Company plans to fund the deal with balance sheet cash and bank financing, and expects about $45 million in annual run-rate synergies
- Expected to close in the fourth quarter of calendar 2024, subject to closing conditions including the Hart-Scott-Rodino waiting period
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:10 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 26, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.