Tuesday, November 7, 2023
***FOR IMMEDIATE RELEASE*** NRC ANNOUNCES SALE OF W. DOUGLASS DISTRIBUTING, LTD'S LONE STAR CONVENIENCE STORES TO CASEY'S GENERAL STORES, INC.
Source: NRC Press Release
Chicago, IL, November 7, 2023 – NRC Realty & Capital Advisors, LLC (NRC) announced today that it has served as exclusive financial advisor to W. Douglass Distributing, Ltd. and its affiliates (Douglass) in the sale of its 22 Lone Star Food Stores to Casey's General Stores, Inc. (NASDAQ: CASY). All of the convenience stores except two are owned by Douglass in fee, and the stores are located within a 60-mile radius of Sherman, Texas. The transaction is closing over the next few weeks and should be completed by the end of November. Casey's is retaining all of the employees at the stores.
Douglass previously announced on October 31, 2023, that it was selling its wholesale businesses, consisting of propane, lubricant, DEF and wholesale and commercial fuel businesses, to Offen Petroleum LLC.
The Company was originally founded in 1947 as Humble Oil and was purchased by Bill Douglass in 1981 when he acquired the Exxon consignee located in Sherman, Texas. Since formation, Bill Douglass and his family-run businesses have consistently been recognized as leaders in the convenience store and wholesale fuel industries. Bill Douglass was awarded the national Convenience Store of the Year and served as Chairman of the National Association of Convenience Stores (NACS). In addition, he has been inducted into the Convenience Store News Hall of Fame. Lone Star Food Stores was recognized by CSP as the national winner of their Mystery Shop 2021 challenge, beating out competitors such as Kum & Go and QuikTrip. Locally, the Company has won the "Best Gas Station" and "Best Convenience Store Restrooms" awards for the last 14 years.
Bill Douglass, Chief Executive Officer of W. Douglass Distributing, said: "We have taken great pride in the convenience store chain that we have built over the past 40 years, and we owe much of our success to our dedicated store employees. I have known Darren Rebelez of Casey's for many years, and I have been extremely impressed by the job he has done during his tenure there. Casey's has a culture very similar to that of our Company, and I am confident that our stores will be in good hands in the Casey's network."
Darren Rebelez, President and Chief Executive Officer of Casey's General Stores, Inc. said: "The Lone Star convenience stores are high quality stores located on great corners in fantastic markets. They will also serve as a springboard into the great state of Texas for Casey's, while still located within our self-distribution network. We look forward to bringing our convenience store and food offerings to North Texas soon and welcome the Lone Star team members to the Casey's family."
Mr. Douglass continued: "Coordinating two deals at once—one with Offen Petroleum and one with Casey's—was no small undertaking, and I truly appreciate the efforts of Paul Reuter, Denny Ruben, Jake Johnson and the rest of the NRC team in making sure that both transactions proceeded smoothly and on schedule."
Denny Ruben, Executive Managing Director of NRC Realty & Capital Advisors, stated: "This has been an incredible journey for the Douglass family. We at NRC have appreciated the opportunity to represent Bill and his family in the second phase of the company sale consisting of the sale of the Lone Star Food Stores to Casey's. We have worked with Casey's on several previous occasions and it is always a pleasure to work with them and their management team. We wish Bill, Diane and Brad all the best in the future."
About Casey's General Stores, Inc.
Casey's is a Fortune 500 company (NASDAQ: CASY) operating over 2,500 convenience stores. Founded more than 50 years ago, the company has grown to become the third-largest convenience store retailer and the fifth-largest pizza chain in the United States. Casey's provides freshly prepared foods, quality fuel and friendly service at its locations. Guests can enjoy pizza, donuts, other assorted bakery items, and a wide selection of beverages and snacks. Learn more and order online at www.caseys.com, or in the mobile app.
For further information, please contact:
For Casey's –
Investor Relations Contact: Brian Johnson +1 (515) 965-6587
Media Relations Contact: Katie Petru +1 (515) 446-6772
About NRC Realty & Capital Advisors, LLC
NRC provides a full array of real estate and financial advisory services to the convenience store and petroleum industries in North America. NRC's breadth of experience in the convenience store arena includes portfolio evaluation and analysis; portfolio and single site store sales and merger and acquisition advisory services. Clients include 7-Eleven, Circle K, BP, Global Partners and RaceTrac, as well as closely held and family-owned companies throughout the country. Since its inception in 1989, NRC has sold more than 15,000 petroleum-related properties.
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Contact: Dennis L. Ruben
Executive Managing Director
NRC Realty & Capital Advisors, LLC