Kwik Trip, Inc. has signed an agreement to acquire the assets of PDQ Food Stores.
Kwik Trip is a family-owned company based in La Crosse. PDQ is an employee-owned company based in Middleton. PDQ's assets including 34 company-operated convenience stores in southern Wisconsin.
A news release Wednesday morning says the acquisition allows Kwik Trip to "expand its presence in a market that is important to its overall retail growth strategy."
John McHugh, Director of Public Relations for Kwik Trip said it's a very exciting business opportunity for them.
"Madison has been a difficult market for us to get into, especially the city itself. So this comes as an opportunity to really expand our niche and really reach out to a whole host of customers and guests that we haven't been able to reach before," said McHugh.
Kwik Trip celebrated its 50th year of operation in 2015. “Our family is committed to owning and growing the company for another 50 years. The PDQ store locations are an excellent fit in our growth strategy for Wisconsin. Additionally, Kwik Trip and our family are committed to providing good-paying jobs for all of our current and future co-workers. With the acquisition of PDQ and future remodel of the PDQ locations we anticipate adding more than 1,000 jobs,” said Mark Zietlow, Real Estate Manager and third generation owner.
Kwik Trip operates over 570 stores in Wisconsin, Minnesota and Iowa. More than 19,000 people work for the company.
"This is important to us. Historically in the last couple of years we've grown by fifty new years a year throughout Wisconsin, Minnesota, and Iowa. With thirty-four new stores in the Madison and Milwaukee area, this will really be a good spurt to our growth pattern," added McHugh.
The deal is scheduled to be completed in early October. It is subject to PDQ employee approval and other closing conditions. Kwik Trip plans to operated the acquired stores under the existing PDQ banner until the stores are remodeled, which should happen in mid-2018.