Casey's General Stores

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Casey's General Stores, Inc.
TypePublic (NASDAQCASY)
IndustryRetail (Convenience stores), Fuel
Founded1968
HeadquartersAnkeny, Iowa, U.S.
Key peopleRobert J. Myers, CEO
William J. Walljasper, CFO
Revenue$2.8 billion (2005)
Employees14,500
Websitewww.caseys.com
 
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Casey's General Stores, Inc.
TypePublic (NASDAQCASY)
IndustryRetail (Convenience stores), Fuel
Founded1968
HeadquartersAnkeny, Iowa, U.S.
Key peopleRobert J. Myers, CEO
William J. Walljasper, CFO
Revenue$2.8 billion (2005)
Employees14,500
Websitewww.caseys.com

Casey's General Stores, Inc. (NASDAQCASY) is a chain of convenience stores in the Midwestern United States, primarily within the states of Iowa, Illinois, Indiana, Missouri, South Dakota, Minnesota, Kansas and Nebraska. The company is headquartered in Ankeny, Iowa.

Contents

History

In 1959, Donald Lamberti leased a service station in Des Moines, Iowa from his father. After successfully remodeling the station into a convenience store and operating it for nine years, his gasoline supplier and friend, Kurvin C. (K.C.) Fish, suggested that he purchase the Square Deal Oil Company, a service station available for sale in Boone, Iowa. Lamberti followed Fish's advice and purchased the station, which he renamed "Casey's" after Fish and as with his leased store converted the station into a convenience store. The logo on the Boone store is the same logo used today by the Casey's chain.

The Boone store (located in a town of only 12,500) did well, so Lamberti decided to see if he could duplicate his success. He purchased another store in Creston, Iowa (population 7,000) and that store did well also. Lamberti became more ambitious and decided to open a store from scratch in the even smaller town of Waukee, Iowa (population 1,500 at the time). The Waukee store proved to be the most successful of the three, so Lamberti decided to purchase and open more stores, concentrating on towns of less than 5,000 population (a variation on the tactic used in the early success of Wal-Mart).

By the late 1970s (when Casey's opened its first warehouse) the chain had 118 stores, including the original store operated by Lamberti's parents which entered the Casey's fold in 1977.

In 1982, Casey's opened its first Distribution Center in Urbandale, Iowa.

Casey's became a publicly traded company in October, 1983, with an initial public offering of 700,000 shares. Around this time Casey's began to sell doughnuts in its stores; in December 1984 it introduced pizza into its stores (which is one of its signature items today).

In 1990, Casey's moved to its current facility in Ankeny.

Casey's 1,000th store opened in Altoona, Iowa in 1996, the same year Casey's exceeded US$1 billion in annual sales.

In January 2006, Casey's purchased Lincoln, Nebraska-based Gas 'N Shop.[1] On August 7, 2006, Casey's agreed to purchase the 33-store HandiMart chain, based in Cedar Rapids, Iowa, in a $63 million deal.[2]

In March 2010, Alimentation Couche-Tard (operator of several convenience store chains, including Circle K) offered $1.9 billion for control of the company, and later announced a proxy fight for control. Casey's rejected Couche-Tard's offer and was successful in September 2010 in retaining its board of directors vs. Couche-Tard's nominated slate.[3]

While Casey's and Couche-Tard were battling for company control, in September 2010, 7-Eleven offered a $2 billion bid for control of the company. Casey's and 7-Eleven engaged in discussions, but in November 2010 elected not to proceed with a merger.[4]

Recent expansions

Casey's today

As of August 2012, Casey's has 1,700 stores. Casey's currently operates in the following states, most of which are in the Midwestern United States:

[9]

The store counts above include the purchases mentioned above.

References

  1. ^ Reuters. "Key Developments for CASY". http://www.investor.reuters.wallst.com/stocks/key-developments.asp?rpc=66&ticker=CASY&timestamp=20060109190000. Retrieved 2006-11-14. 
  2. ^ DeWitte, Dave (2006-08-08). "Casey's Buying HandiMart in $63 Million Deal". The Gazette (Cedar Rapids): p. 1A. 
  3. ^ http://www.caseys.com/pdf/Press_Release-September_23,_2010.pdf
  4. ^ http://www.caseys.com/pdf/Press_Release-7-Eleven_11-3-10.pdf
  5. ^ http://www.caseys.com/pdf/Press_Release-Harper_Oil_Acquisition_October_12_2010.pdf
  6. ^ http://www.caseys.com/pdf/Press_Release-Short_Stop_10-28-10.pdf
  7. ^ http://www.caseys.com/pdf/PressRelease-Kabredlos_11-3-10.pdf
  8. ^ "Casey's to purchase 22 Kum & Go stores in Iowa". The Daily Iowegan. 2011-06-03. http://dailyiowegian.com/local/x1517687802/Caseys-to-purchase-22-Kum-Go-stores-in-Iowa. Retrieved 2011-06-06. 
  9. ^ http://www.caseys.com/about_us.html

External links