Casey's General Store Information
Casey's General Stores, Inc. (NASDAQ: CASY) is a chain of convenience stores in the Midwestern United States, primarily within the states of Iowa, Illinois, Missouri, South Dakota, Kansas and Nebraska. The company is headquartered in Ankeny, Iowa.
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History
In 1959 Donald Lamberti leased a service station in Des Moines, Iowa from his father. After successfully remodeling the station into a convenience store and operating it for nine years, his gasoline supplier and friend, Kurvin C. (K.C.) Fish, suggested that he purchase the Square Deal Oil Company, a service station available for sale in Boone, Iowa. Lamberti followed Fish's advice and purchased the station, which he renamed "Casey's" after Fish and as with his leased store converted the station into a convenience store. The logo on the Boone store is the same logo used today by the Casey's chain.
The Boone store (located in a town of only 12,500) did well, so Lamberti decided to see if he could duplicate his success. He purchased another store in Creston, Iowa (population 7,000) and that store did well also. Lamberti became more ambitious and decided to open a store from scratch in the even smaller town of Waukee, Iowa (population 1,500 at the time). The Waukee store proved to be the most successful of the three, so Lamberti decided to purchase and open more stores, concentrating on towns of less than 5,000 population (a variation on the tactic used in the early success of Wal-Mart).
By the late 1970s (when Casey's opened its first warehouse) the chain had 118 stores, including the original store operated by Lamberti's parents which entered the Casey's fold in 1977.
In 1982 Casey's opened its first Distribution Center in Urbandale, Iowa.
Casey's became a publicly traded company in October, 1983, with an initial public offering of 700,000 shares. Around this time Casey's began to sell doughnuts in its stores; in December 1984 it introduced pizza into its stores (which is one of its signature items today).
In 1990 Casey's moved to its current facility in Ankeny.
Casey's 1,000th store opened in Altoona, Iowa in 1996, the same year Casey's exceeded US$1 billion in annual sales.
In January 2006, Casey's purchased Lincoln, Nebraska-based Gas 'N Shop.[1] On August 7, 2006, Casey's agreed to purchase the 33-store HandiMart chain, based in Cedar Rapids, Iowa, in a $63 million deal.[2]
In March 2010, Alimentation Couche-Tard (operator of several convenience store chains, including Circle K offered $1.9 billion for control of the company, and later announced a proxy fight for control. Casey's rejected Couche-Tard's offer and was successful in September 2010 in retaining its board of directors vs. Couche-Tard's nominated slate.[3]
While Casey's and Couche-Tard were battling for company control, in September 2010, 7-Eleven offered a $2 billion bid for control of the company. Casey's and 7-Eleven engaged in discussions, but in November 2010 elected not to proceed with a merger.[4]
Recent expansions
In the latter half of 2010, Casey's purchased all or parts of three smaller chains:
- On October 12, 2010, Casey's announced the planned purchase of 19 "On The Way" stores in Illinois owned by Harper Oil Company, to be completed by November 2010 (Harper retained other stores and the On The Way name)[5]
- On October 28, 2010, Casey's announced the purchase of six "Short Stop" stores in Iowa owned by J.D. Carpenter Companies, Inc.[6]
- On November 3, 2010, Casey's announced the purchase of 44 "Kabredlo's" stores.[7] The purchase, expected to be completed by December 2010, would include 22 stores in Nebraska, 21 in Kansas, and the first Casey's location to operate in the state of Oklahoma.
- On March 28, 2011, a Casey's General Store opened in Bella Vista, Arkansas (a few miles south of the Missouri state line), the chain's first store to operate in that state.
- Casey's further solidified its Iowa base in June, 2011 with the announced purchase of twenty-two Kum & Go stores in the Hawkeye state, bringing its total Iowa store number to 473. At least for the time being, the Kum & Go stores will remain in the current buildings but be rebranded with signage.[8]
Casey's today
As of June, 2011, Casey's has 1,644 stores. Casey's currently operates in the following states, most of which are in the Midwestern United States:
- South Dakota (37 stores)
- Nebraska (127 stores)
- Kansas (133 stores)
- Minnesota (98 stores)
- Iowa (473 stores)
- Missouri (299 stores)
- Wisconsin (10 stores)
- Illinois (400 stores)
- Indiana (65 stores)
- Oklahoma (1 store)
- Arkansas (1 store)
The store counts above include the purchases mentioned above.
References
- ^ Reuters. "Key Developments for CASY". http://www.investor.reuters.wallst.com/stocks/key-developments.asp?rpc=66&ticker=CASY×tamp=20060109190000. Retrieved 2006-11-14.
- ^ DeWitte, Dave (2006-08-08). "Casey's Buying HandiMart in $63 Million Deal". The Gazette (Cedar Rapids): p. 1A.
- ^ http://www.caseys.com/pdf/Press_Release-September_23,_2010.pdf
- ^ http://www.caseys.com/pdf/Press_Release-7-Eleven_11-3-10.pdf
- ^ http://www.caseys.com/pdf/Press_Release-Harper_Oil_Acquisition_October_12_2010.pdf
- ^ http://www.caseys.com/pdf/Press_Release-Short_Stop_10-28-10.pdf
- ^ http://www.caseys.com/pdf/PressRelease-Kabredlos_11-3-10.pdf
- ^ "Casey's to purchase 22 Kum & Go stores in Iowa". The Daily Iowegan. 2011-06-03. http://dailyiowegian.com/local/x1517687802/Caseys-to-purchase-22-Kum-Go-stores-in-Iowa. Retrieved 2011-06-06.
- ^ http://www.caseys.com/about_us.html
- FundingUniverse.com. "Casey's General Stores, Inc. Company History". http://www.fundinguniverse.com/company-histories/Caseys-General-Stores-Inc-Company-History.html. Retrieved 2006-11-14.
External links
Categories: Companies listed on NASDAQ | Companies based in Iowa | Polk County, Iowa | Convenience stores of the United States | Companies established in 1968
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