Kum & Go, a family-owned convenience store chain with deep Iowa roots, is being acquired by Maverik – Adventure’s First Stop, a Utah-based chain, the companies announced in a news release.

Details of the acquisition were not included in the announcement. The deal includes the acquisition by Maverik of Solar Transport, a tank truck carrier and logistics provider owned by Krause Group, Kum & Go’s parent company. 

Maverik, whose parent company is FJ Management, has nearly 400 locations in 12 western and Midwestern states. The convenience store chain is known for its BonFire food brands, made fresh daily at its stores.

Kum & Go was established in Hampton in 1959. Four generations of the Krause family have operated the chain, which now includes over 430 stores in 13 states. The company, headquartered in Des Moines, has over 5,000 employees.

“This is the most momentous day in the 63-year history of our family business, Tanner Krause, president and CEO of Kum & Go, said in a prepared statement. “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. … I’m confident that … Maverik will be good stewards of Kum & Go’s people and culture for generations to come.”

Krause was named president of the company in 2018 and CEO in early 2021. He succeeded his father, Kyle Krause, in both roles.

Kyle Krause is president and CEO of Krause Group, which is the parent company of a diverse group of holdings including Krause+, which plans on developing several downtown Des Moines projects including a stadium for soccer and other activities. Krause Group also owns an Italian professional soccer club as well as the Des Moines Menace, Italian wineries and hospitality businesses, agricultural land and other real estate holdings.

Krause Group plans on redeveloping a 43-acre superfund site at 200 S.W. 16th St., south of Martin Luther King Jr. Parkway in Des Moines. Construction of the 6,300-seat Pro Iowa Stadium and Global Plaza is expected to be completed by 2025. The project includes several other surrounding developments. Development costs have been estimated to exceed $550 million.

In a prepared statement, Des Moines City Manager Scott Sanders said he was “disheartened” about news of the proposed sale.

But, he added, “We are encouraged that Krause+ and Pro Iowa reaffirmed their commitment today with the city of Des Moines to develop a professional soccer stadium, entertainment district and global plaza south of downtown near the former Dico site. We look forward to working with them as a strong community partner to finalize the details of this important and exciting addition to our city.”

Sanders talked to a Krause official before the news of the sale was released, a city spokesperson said.

Tanner Krause, a member of the Business Record’s 2023 Forty under 40 class, did not respond to an interview request. A spokesperson for Kum & Go, wrote in an email that the company had no further comment beyond what was included in the news release.

Maverik also did not respond to a request for additional information including whether the Kum & Go name would be kept and whether all of Kum & Go’s over 5,000 employees would be retained. It’s also not known when the acquisition will be finalized or the sale price of the deal.In February, Reuters reported that the Krause family was exploring options for Kum & Go, which was valued at close to $2 billion.