Mergers & Acquisitions

Yesway to Acquire Allsup’s Convenience Stores

Retailer adding more than 300 stores to its network

WEST DES MOINES, Iowa — Yesway has entered into a definitive agreement to purchase Allsup’s Convenience Stores Inc., based in Clovis, N.M. Allsup’s has a portfolio of 304 stores in Texas, New Mexico and Oklahoma.

The deal is subject to regulatory approval and customary closing conditions.

Over the past three and a half years, Yesway has acquired more than 150 c-stores in Iowa, Texas, New Mexico, Oklahoma, Kansas, Missouri, Nebraska, South Dakota and Wyoming. The company said it plans to assemble a portfolio of more than 500 c-stores in select regions of the United States over the next several years.

Allsup’s has served its local communities for more than 60 years.

“Allsup’s founders, Lonnie and Barbara Allsup, were true pioneers, innovators and visionaries of convenience-store retailing,” said Thomas Trkla, chairman and CEO of Yesway. “They were the first to offer customers hot, cooked foods, self-serve gasoline sales and 24-hour service.”

“We could not be more pleased to be joining forces with such a strong, beloved company and talented team of employees,” Trkla said. “We look forward to building on Allsup’s legendary heritage and continuing to offer many of the amazing products and services Allsup’s customers are so passionate about, including, without question, the world-famous Allsup’s burrito.”

“We are very excited to have selected Yesway as the acquirer of our company and the future custodian of our brand and legacy,” said Mark Allsup, president of Allsup’s. “We chose Yesway as a partner because their values are truly aligned with ours. They share our commitment to support the local communities we serve, our unwavering pledge to our customers to provide them with a terrific shopping experience, and our dedication to the success and well-being of our employees.”

Barbara Allsup, who has been the company’s vice president of finance since its founding, said, “Mark was very deliberate and selective in choosing a buyer for our company, and we believe he has made an excellent choice in Yesway. Lonnie and I opened our first store in Roswell, N.M., in 1956 and have operated as a private, family-owned business ever since. We have always cared deeply about maintaining strong family commitments; having honest, hard-working employees; and partnering with helpful service providers, vendors and other professionals in the communities we serve. We believe that our legacy is in very good hands with Yesway.”

Goldman Sachs is acting as financial adviser to Yesway for this transaction, and Goldman Sachs and RBC are joint lead arrangers on the associated debt facility.

BW Gas & Convenience Holdings LLC, doing business as Yesway, is based in West Des Moines, Iowa.

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