Springfield-based Cody's Convenience Stores is selling its 37 area stores to Kum & Go LC, according to officials with both companies.
West Des Moines, Iowa-based Kum & Go has signed an agreement to buy the chain in a deal that should close within a month. The purchase also includes Cody's eight car washes.
Cody's President and CEO Curtis Jared, who wouldn't disclose the sale price, said his company was approached by another potential buyer last summer; that deal didn't work out, but it piqued Jared's interest about the opportunities available to him, he said.
"We decided to see what else was out there," Jared said today. "We feel that Kum & Go could take it to the next level."
Jared said he wanted to focus his attention on his commercial real estate firm, Jared Enterprises. The company owns a growing list of area big-box buildings and shopping centers, including Battlefield Plaza on Battlefield Road, Golden Pond on Republic Road and Village Marketplace in Nixa. Jared Enterprises also will retain ownership of the Cody's stores real estate.
Kum & Go Director of Communications Meggan Kring said the purchase more than doubles the chain's southwest Missouri locations, which currently stands at 34.
"Adding the stores for Cody's would solidify us as the No. 1 player in a great community," she said. "We're there now, and we really enjoy the Springfield customers. Cody's approached us and it made sense, businesswise."
Cody's, which is operated by Cody Ventures LLC, has grown rapidly in the last several years, posting 723 percent revenue growth between 2005 and 2007. Those figures earned it the No. 1 spot on Springfield Business Journal's 2008 Dynamic Dozen list of the area's fastest-growing companies.
The sale effectively dissolves Cody Ventures, Jared said. While Kring said Kum & Go plans to keep Cody's employees at the store level, Jared said it's very likely the company's approximately 15-member corporate staff will be let go.[[In-content Ad]]
