WEST DES MOINES, Iowa -- Convenience-store retailer Yesway has acquired the Express Mart convenience store in Rockford, Iowa, formerly owned by Charles City, Iowa-based Cedar Valley Lubes Inc.
The store will be rebranded as Yesway, and the company will add it to a portfolio of 72 locations operating in Iowa, Kansas, Oklahoma and Texas.
"We envision this as the start of a longstanding partnership with the citizens of Rockford," Thomas Nicholas Trkla, West Des Moines, Iowa-based Yesway's chairman and CEO, said.
"With Yesway, our customers in Rockford will enjoy great customer service and a store that reflects our brand promise to be efficient, inviting and friendly," said Brian Trout, senior vice president of operations for Yesway. "Our goal is to provide everyone with a terrific shopping experience, and to make life easier and each day a bit more pleasant for the Rockford community."
More acquisitions ahead
Yesway said it has a “robust” acquisition pipeline and plans to acquire, improve and rebrand approximately 500 convenience stores as Yesway in selected regions of the United States over the next several years.
On its website, the company says it is “seeking to expand with acquisitions,” and asks retailers with c-stores they want to sell to contact Yesway.
“We generally target stores that generate $150,000 or more in net annual profit,” the website says. “There is no ‘typical’ store that meets our profile; we’re willing to consider stores with or without fuel contracts—in rural or suburban locations—regardless of whether they are in need of capital improvements. … If you would be interested in discussing the potential sale of your store or if you know of any other owners who might be interested and want more information, please reach out to your local specialist.”
BW Gas & Convenience, doing business as Yesway, is a unit of Brookwood Financial, Beverly, Mass., a private-equity investment firm that specializes in acquiring and managing value-add commercial real estate for a group of institutional investors, family offices and high-net-worth individuals.