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8-K - FORM 8-K - CASEYS GENERAL STORES INCd8k.htm

Exhibit 99.1

Casey’s to purchase 22 Kum & Go Stores in Iowa

ANKENY, Iowa – (June 3, 2011) – Casey’s General Stores, Inc. (Nasdaq symbol CASY) and Kum & Go announced today that they have signed a definitive purchase agreement for Casey’s to acquire 22 convenience stores from Kum & Go. All 22 stores are located in Iowa operating under the Kum & Go banner. The stores will be immediately rebranded to Casey’s once the transaction is completed.

According to Kum & Go Owner, President and Chief Executive Officer Kyle J. Krause, the proceeds generated by this sale will be reinvested in Kum & Go’s 400+ remaining stores and used to drive the company’s long-term business and growth strategies.

“I extend my sincere appreciation to our associates and loyal customers in these communities for the important role that they have played in Kum & Go’s history and the overall success of these stores,” stated Mr. Krause.

“These stores are predominantly in rural Iowa locations,” said Casey’s President and Chief Executive Officer Robert J. Myers. “These types of communities have proven to be an excellent fit for our business model and we are very excited to implement our proprietary prepared food program.”

Casey’s expects this acquisition to be immediately accretive to earnings in their first full year of operation. The acquisition is subject to certain regulatory approvals and other customary closing conditions. The transaction is expected to close in July 2011 and will be funded by existing cash and cash flow.

Below, a list of the 22 stores and their addresses:

 

1.   ARMSTRONG   307 S. Fourth Avenue  
2.   ATLANTIC   701 Poplar  
3.   BRITT   576 N. Main Avenue  
4.   BROOKLYN   106 W. Second Street  
5.   CARROLL   613 W. U.S. Hwy 30  
6.   CEDAR FALLS   601 Main Street  
7.   CENTERVILLE   830 N. 18th Street  
8.   CENTERVILLE   401 W. Maple  
9.   CHARITON   335 N. Main  
10.   CHEROKEE   1200 N. Second Street  
11.   CHEROKEE   242 E. Main Street  
12.   ELK RUN HEIGHTS   5202 Lafayette  
13.   ESTHERVILLE   103 Central Avenue  
14.   ESTHERVILLE   1615 Central Avenue  
15.   GARNER   145 Highway 18 W.  
16.   IOWA FALLS   904 Washington  
17.   MEDIAPOLIS   208 Wapello Street  
18.   SHELDON   519 Second Avenue  
19.   SHELDON   504 Second Avenue  
20.   ST. CHARLES   209 E. Main Street  
21.   STORM LAKE   825 Flindt  
22.   WASHINGTON   304 E. Washington Street  

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