The acquisition means more jobs for Temple, although a spokesman for the 62-year-old family-owned company would not say how many new employees will be hired.
As part of the stock purchase, Fikes - the parent company of 78 CEFCO convenience stores located across Central Texas - is adding 45 Superstop! convenience stores in Mississippi and Alabama. The purchase of Deweese Enterprises Inc. also includes a fuel distributorship, ice company and a fleet fueling card operation.
Mike Hinshaw, executive vice president of retail sales, said the acquisition was part of a “phenomenal growth story,” beginning in 1945 with just a few stores in Cameron.
“We become national now. It moves us within about the top 35 chains,” Hinshaw said.
Chief executive officer James Fikes said the similarities between the two companies are “remarkable,” pointing out both companies are in the second generation of family ownership and have a history of community service.
Fikes has contributed more than $200,000 to Children’s Miracle Network at Scott & White, and they expect to endow a scholarship at the University of Mary Hardin-Baylor in 2008. CEFCO contributed $15,000 in October to establish an endowed scholarship at the university.
Fikes also operates a nationwide ATM provider, a fuel transport fleet and a charter jet service based in Temple.
