Kum & Go Purchasing Cody’s

West Des Moines, Iowa-based Kum & Go LC has signed an agreement to purchase the 37 Cody’s Convenience Stores located in southwest Missouri.

Cody’s is currently operated by Springfield, Mo.-based Cody Ventures LLC, which is led by CEO Curtis Jared.

The deal’s closing is subject to completion of due diligence and customary closing conditions, the companies said, though Kum & Go anticipates the closing will occur within the next month. The potential purchase price of the stores was not disclosed.

Cody’s CEO Curtis Jared said his company was initially approached by another retailer this past summer who was interested in purchasing the Cody’s stores. After that first offer, Jared decided to see what other companies might offer. That quickly led him to Kum & Go, which already operates 34 stores in southwest Missouri.

“We talked to Kum & Go and thought there were some better synergies there,” Jared said. “We had a good offer and took advantage of it. Kum & Go is a strong company – we felt comfortable going with them; they take care of their employees.”

Most of the employees at Cody’s c-stores will be offered employment with Kum & Go, Jared said.

The tough economic climate in the U.S. had nothing to do with the sale of his stores, Jared said, adding that he operates a strong real estate company that he plans to focus his energies on.

As part of the agreement, Jared’s real estate company will retain the 37 properties while Kum & Go will rebrand the 37 stores to Kum & Go. Jared said there could be additional real estate ventures with Kum & Go down the road.

The pending deal will make Kum & Go the largest convenience store operator in southwest Missouri.

“Southwest Missouri is a great place to expand and bring the latest store conveniences Kum & Go has to offer,” Kum & Go President and CEO Kyle Krause said in statement. “We look forward to building upon the excellent relationship the Jared family has developed with Springfield, Joplin and surrounding communities.”

In addition to the 37 convenience stores, Kum & Go will also assume ownership of Cody’s eight car washes.

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