Cody's expands Joplin presence via acquisition

Curtis Jared, executive vice president of Springfield-based Cody Ventures LLC, said that the acquisition closed for an undisclosed price April 15. Jared said he bought the stores from John Starrett and brothers Donnie and Ronnie Simpson.

Missouri Secretary of State filings show Starrett, who declined Springfield Business Journal’s interview requests, as president of Joplin-based companies Snak Atak Management Inc. Carthage-based Grace Energy Corp. also owns Snak Atak stores in Joplin and Springfield, according to www.graceenergy.com, but Jared said Grace Energy wasn’t involved in this transaction. Jared said that all of the Snak Atak stores in the deal would be rebranded as Cody’s.

Jared launched Cody’s Convenience Stores in 2002 after buying his first store in Rogersville.

With the Snak Atak acquisition, and the opening of two new-construction stores in Springfield this month, Cody’s will operate 36 stores in southwest Missouri.

Cody Ventures reported revenues of $91.9 million in 2007, up from $30.6 million in 2006 and $11.2 million in 2005, according to information submitted by the company for Springfield Business Journal’s 2008 Dynamic Dozen, for which it was named the No. 1 fastest-growing company. The company reports a 723 percent revenue growth rate since 2005.

The company’s rise in market share has been fueled largely by acquisitions, in addition to new store construction.

In December, Cody’s bought six Express Lane stores in Springfield, Republic and Clever out of Chapter 11 bankruptcy for $1 million, according to U.S. Bankruptcy Court filings.

Cody’s already had one Joplin location – 1827 S. Maiden Lane – before the Snak Atak acquisition.

“It helps give us presence down here,” Jared said. “Joplin’s a good market, and it’s an area that we’ve been eyeing for a while anyway. It’s a perfect fit.”[[In-content Ad]]