SALT LAKE CITY, UT. — Maverik and its parent company, FJ Management, have acquired Kum & Go, a family-owned convenience store chain with over 400 locations across 13 states, from the Krause Group. Terms of the deal were not disclosed.
As part of the transaction, Maverik also acquired Solar Transport, a tank truck carrier and logistic provider owned by the Krause Group.
The combined assets of Maverik and Kum & Go make Maverik one of the largest convenience store operators in the Rocky Mountains and Midwest.
Prior to the acquisition, Maverik operated with approximately 400 locations across 12 western states and was the largest independent fuel marketer in the Intermountain West. Maverik service stations and convenience stores were already in place in Arizona, California, Colorado, Idaho, New Mexico, Nebraska, Nevada, Oregon, South Dakota, Utah, Washington, and Wyoming.
Established in Hampton, Iowa in 1959, Kum & Go was a fourth-generation, family-owned convenience store chain led by the Krause family through the Krause Group.
Kyle Krause, Krause Group President and CEO, explained, "Kum & Go has always been driven by a desire to innovate, grow and serve our customers, our communities and our people. Maverik has built its business in the same way and is ideally positioned to lead the next chapter of growth for Kum & Go. We have much in common and I look forward to welcoming Chuck's leadership, his team and Maverik to Des Moines, which will always be the home of the Krause Group and important to our future."
Tanner Krause, who was serving as president and CEO of Kum & Go, said, "This is the most momentous day in the 63-year history of our family business. My family has worked for four generations to create and build Kum & Go into a business that has done an incredible amount of good for our people, for Iowa, and beyond.
"Serving as president for the past five years has been the fulfillment of my lifelong dream,"continued Tanner Krause. "I've had the pleasure of knowing Chuck Maggelet for years and hold a lot of respect for him as a person and a business leader. I'm confident the Maggelets and Maverik will be good stewards of Kum & Go's people and culture for generations to come."
Chuck Maggelet, president and "Chief Adventure Guide"of Maverik, said, "We have long admired the Kum & Go brand. Kyle and Tanner, and the generations before them, have built an exceptional business that pairs quality with convenience and puts people first."
Maggelet added, "We look forward to welcoming Kum & Go and Solar Transport associates and stores to Maverik."
The transaction is expected to close in the coming months and is subject to traditional closing approvals.
Utah-based FJ Management Inc. is a Utah-based private holding company that manages a diverse portfolio of petroleum, healthcare, and hospitality related assets led by CEO Crystal Maggelet.
BOYETT PETROLEUM, UNITED PACIFIC SELL STATIONS, WHOLESALE BUSINESS TO EACH OTHER
MODESTO, CA. — Boyett Petroleum and United Pacific have completed two deals, allowing each company to focus their petroleum operations.
Modesto, CA-based Boyett Petroleum has sold its 10 company-operated service stations and convenience stores to Apro, LLC, doing business as United Pacific, based in Long Beach, CA. United Pacific will lease nine of the stores it acquired from Boyett under long-term lease agreements. The 10 service stations are 76-branded for fuel and carry Boyett's Cruisers brand on the convenience stores.
In a separate transaction, Boyett has acquired United Pacific's wholesale fuels distribution business. Included in the deal are approximately 200 fuel supply accounts that are Shell, Marathon, Phillips 66 and Valero branded, as well as unbranded, dealer accounts across California, Oregon, and Washington.
As part of this transaction, Boyett acquired United Pacific's distribution rights for the Shell brand.
"We're buying the wholesale business and selling our retail business,"explained Dale Boyett, CEO of Boyett Petroleum. "It adds the Shell brand for us, so we've very excited about that. We're very excited to focus our efforts on wholesale and leave our retail business in the hands of United Pacific and their talented retail team."
"We believe that United Pacific will take the stores to the next level,"said Boyett Petroleum President Scott Castle. "They have a fantastic retail team and have welcomed our employees with open arms. It was important to us to find a company that valued our team as much as we did, and United Pacific did just that.
"We're also very excited to bring United's wholesale customers and team into the Boyett Family and look forward to growing the network of dealers,"added Castle.
CALIFORNIA BANS ICE TRUCK SALES BY 2036
SACRAMENTO, CA. — Trucks powered by internal combustion engines will be banned in California, under a new rule passed by the California Air Resources Board in May.
Under CARB's Advanced Clean Fleets regulation, fleet owners — including private fleets, Federal fleets such as the Postal Service, and government fleets — all must "begin their transition toward zero-emission vehicles starting in 2024."
The regulation timeline depends on the type of truck involved. Drayage trucks, last mile delivery, and yard trucks will need to be zero-emissions by 2035. Work trucks and day cab tractors will need to be zero-emissions by 2039. Sleeper cab tractors and specialty vehicles must be zero-emissions by 2042.
The rule does include the ability to continue operating existing fleet
vehicles "through their useful life." However, fleet owners are expected "to transition a percentage of their vehicles to meet expected zero-emission milestones."
The Advanced Clean Fleets regulation also bans the sale of internal combustion engine trucks in 2036 in California.
CARB estimates there are about 150 existing medium- and heavy-duty zero-emission trucks that are commercially available in the U.S. today.
CARB estimates that there will be 1.7 million zero-emissions trucks on
the road in California by 2050 due to their regulation.
Trucks represent 6% of the vehicles on California's roads, according to CARB.
CHRISTENSEN EXPANDS INTO SOUTHWEST
RICHLAND, WA. — Pacific Northwest fuel distributor Christensen has acquired the greater Phoenix wholesale fuels distribution business from Southwest Fuel Supply. Terms of the deal were not disclosed.
Southwest Fuel Supply is a division of Lafayette, CA.-based California Fuel Supply, which distributes fuel in California, Arizona, and Nevada.
Included in the sale are supply contracts for branded fuel locations in the greater Phoenix and Tucson, Arizona territory. Christiansen will supply unbranded and branded fuel to gasoline stations in the region, marketing 76, Valero, and Mobil products.
With this acquisition, Christensen is expanding its business into the Southwest for the first time.
"In recent years we have developed a unique suite of services that we are pleased to offer to retailers in new geographies," said Justin Christensen, vice president of Retail Fuels at Christensen, announcing the deal. "We are grateful to the California Fuel Supply team and look forward to building upon the elevated level of service that has become synonymous with their name in the greater Phoenix and Tucson markets."
Christensen now supplies over 300 retail sites across Oregon, Washington, Idaho, and Arizona, offering branded fuel products from Chevron, Shell, Phillips 66, 76, Marathon, Mobil, Sinclair, Sunoco, and VP Racing Fuels.
NIKOLA AND VOLTERA TO BUILD 50 HYLA HYDROGEN STATIONS
PHOENIX, AZ. — Alternative fuel vehicle manufacturer Nikola Corporation has signed a deal with Anaheim, CA.-based Voltera to build a network of hydrogen refueling stations in the West and expanding across the country.
The companies plan to build 50 HYLA-branded hydrogen stations over the next five years.
Under the terms of the deal, Voltera will find the sites, build, own,
and operate the "strategically located" hydrogen refueling stations, and Nikola will supply the hydrogen fuel and technical expertise.
The stations will be able to refuel hydrogen-powered vehicles from any manufacturer, including Nikola's own line of hydrogen cars.
"By partnering with Nikola, we are expanding our focus beyond battery-electric vehicle charging,"said Matt Horton, Voltera CEO, "in order to dramatically increase hydrogen fueling infrastructure."
