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TEMPLE, Texas -- Fikes Wholesale Inc., parent company of the 123-store CEFCO Convenience Stores chain based here, announced today that it has successfully completed the acquisition of the 69-store Food Fast chain based in Tyler, Texas. Terms of the agreement were not disclosed.
“The addition of the Food Fast team and stores will significantly enhance our presence in east Texas, Louisiana and Arkansas, while providing a contiguous bridge to our existing locations in Alabama and Mississippi,” said James Fikes, CEO of Fikes Wholesale Inc. “The Food Fast organization shares many of our core values and ethics, as well as a passion for customer satisfaction excellence. Strategically, Food Fast is an outstanding, complimentary fit.”
This agreement also provides potential synergistic opportunities for other Fikes Wholesale business units, according to Fikes. “These businesses include Group Petroleum Services (common carrier fuel transport fleet), Cord Financial Services (nationwide ATM provider of more than 4,500 ATMs), Fleet Express (single card solution for fuel management needs), and JF Air (charter air service),” he said.
Fikes Wholesale is a 60-plus year old, Temple-based company that began as a fuel distributor and has grown to an entity that encompasses other businesses that are centered around and serve the convenience store industry. Among the company's prominent ventures are CEFCO Convenience Stores, holdings in the financial services industry and a charter jet service. The company employs more than 2,000 people across the southern United States.