Krause’s breakthrough, he sold the family business Kum & Go
In recent months, rumors have come true: Parma Calcio president Kyle Krause has completed the sale of Kum & Go, a chain of convenience stores with more than 400 locations in 13 US states, to the Maverik Group.
“This is the most important day in the 63-year history of the family business,” said Tanner Krause (son of Kyle), CEO of Kum & Go. The details of the operation are kept strictly confidential. In recent weeks, Reuters International Agency has talked about an amount of nearly two billion dollars, even if there is no confirmation, also because the annual trading volume of Kum & Go is higher than the figure reported by Reuters.
“Maverick has built his business the same way and is ideally positioned to lead the next chapter of growth for Kum & Go,” added Kyle Krause, who has recently confirmed his commitment to Parma Calcio 1913 several times.
In addition to purchasing Kum Go’s 400 stores, Maverik and its parent company, FJ Management, will buy Solar Transport, a transportation and logistics company also owned by the Krause family.
The sale also follows a near-apocalyptic scenario for stores — as the Des Moines newspaper writes — when many people stopped driving after government-imposed lockdowns at the start of the COVID-19 pandemic. Meanwhile, the emergency is over, but many potential buyers are still working from home, eroding the key customer base who frequently stop by for breakfast in the morning and drink alcohol in the evening, as well as petrol, on the go.
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