A Cuba, MO based business has bought U-Gas Holdings, Inc. That means that all Dirt Cheap liquor stores and U-Gas service stations will be acquired by Wallis Companies.News 4 is working to find out if the familiar Dirt Cheap brand, and its chicken, will stick around or be replaced.
Full Press Release from Wallis Companies:Wallis Companies signs a definitive agreement to acquire U-Gas Holdings, Inc.
St. Louis, MO, July 25, 2016 – Wallis Companies has signed a definitive agreement to acquire the assets of U-Gas Holdings, Inc. including 19 U-Gas and 14 Dirt Cheap branded convenience stores along with the Gigi’s Commissary.
Wallis Companies began in 1968 in Cuba, MO with one location on Route 66 and now operates a network of 34 convenience stores and supplies 167 dealer locations. U-Gas was founded 1977 at the corner of Highway 30 and Delores Drive in Fenton, Missouri. Over the years, multiple brands were created, but the core values of these two great companies has remained the same: taking care of customers, treating teammates with respect and focusing on growth. This is a major milestone in Wallis Companies’ 48-year history. We look forward to a future built on core values of taking care of our customers, treating employees and suppliers with respect and offering quality food and service,” said Lynn Wallis, President and CEO of Wallis Companies.
Both companies matured together and were always friendly competitors. “Our families have grown up in this industry together. We became a customer of the Gigi’s Commissary in 2014 and Craig and I have served on MPCA’s Board for many years. This is just another fitting chapter in the legacy of our companies,” said Rachel Wallis Andreasson, Executive VP of Wallis Companies.
"While the decision to sell was a difficult one, we know that the Wallis family has a great passion for the industry and both organizations share the same values, purpose and commitment to service", said Craig Taylor, President and CEO of U-Gas and Dirt Cheap. "We sincerely thank all of our wonderful customers we had the pleasure of serving throughout our years in business, but it was our associates who were the engine and backbone of our companies.
To them we extend our deepest thanks and appreciation for all their hard work and dedication."
The transaction announced today is subject to customary closing conditions, but both parties currently expect it will close in September 2016.
Raymond James served as exclusive financial advisor to U-Gas Holdings, Inc. in connection with the transaction.