Maverik Country Stores Inc. said Wednesday it has agreed to buy all 38 Circle K stores in Utah.
The Circle K convenience stores are currently owned and operated by Tosco Corp., the largest independent oil refiner in the United States with 1998 revenues of $12 billion.The deal is expected to close April 28, subject to the usual regulatory approvals.
Maverik chief executive officer Mike Call said the addition of the 38 Circle K's will give the company a total of 178 stores in seven western states.
"This helps us keep current with our projected plans for continued growth," he said.
Call said the names of the Circle K stores would be changed to Maverik and the current personnel will be integrated into the company. Space will be created in the stores for Maverik's Leopold's Deli and bakery.
He said the company also will remodel the stores inside and out.
"The architecture will have an entirely new Maverik look," he said.
Maverik was launched 71 years ago in Afton, Wyo., by Reuel Call, Mike Call's grandfather, who still lives in Afton where the company is headquartered.