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ANKENY, Iowa — Casey's General Stores Inc. went fishing and caught five convenience stores in its home state.
The Ankeny-based retail chain acquired five Guppy's convenience stores located in and around Cedar Rapids. The stores were owned by Fauser Energy Resources of Elgin. The sale marks Fauser's exit from the convenience store business.
NRC Realty & Capital Advisors LLC, in conjunction with Ravinia Capital LLC, coordinated the sale.
"These stores were non-core assets for Fauser Energy and their only retail locations," said Evan Gladstone, NRC's executive managing director. "Operating retail stores in today's competitive market requires time and capital, and strengthens Fauser as a leading fuels wholesaler in 12 midwestern states."
The Guppy's chain went on the market in August. The locations range in size from 1,500 to 3,500 square feet. Most stores have Godfather pizza franchises and the sites carry either the BP or Sinclair fuel banner, as CSNews Online previously reported.
In its second quarter of fiscal year 2017 earnings call on Dec. 8, Casey's Chief Financial Officer Bill Walljasper said the retailer had 15 stores under contract for acquisition. The purchases were expected to be completed and the stores reopened as Casey's in the back half of this fiscal year.
It acquired three stores on the second quarter to bring its store count to 1,941 at the end of the quarter.