Mergers & Acquisitions

Yesway Acquires Tres Amigos Convenience Stores

Retailer picks up 9 stores in Texas
Tres Amigos
Image/Tres Amigos

FORT WORTH, Texas — Yesway has acquired Tres Amigos Convenience Stores, a San Angelo, Texas-based chain with nine locations in the Lone Star State.

“We have always been attracted to the Texas market and are extremely pleased to have Tres Amigos join us under the Allsup’s banner,” said Thomas W. Brown, director of acquisitions for Yesway, which acquired the Allsup’s chain in 2019. “It is an exciting time for all of us, and I am very proud of our acquisitions, due diligence and onboarding teams. Their collective hard work and dedication have been critical to our being able to keep growing our portfolio. They thrive in this fast-paced environment and are doing a stellar job.”

The Fort Worth, Texas-based company first teased the acquisition on Facebook on Sept. 1: “Hey Allsup's family! Get excited for our newest addition, Tres Amigos Convenience Stores! You will soon be able to enjoy the world famous Allsup's burrito and more at each Tres Amigos location. See you there!”

Tres Amigos also said, “Hey there Tres Amigos fans! We’re excited to announce that we will soon be serving the world famous Allsup’s burrito and more at each of our locations! Be sure to head over to our Facebook pages @AllsupsStores and @YeswayStores to follow along, see you there!”

Tres Amigos opened for business in Menard, Texas, in April 1993. In December 1999, Mike and Trudy Hennings became the sole owners of the company. The chain’s tagline is “Quenching the Thirst of West Texas.” The chain also offers Hot Stuff Pizza.

Located in Menard, Eden, Christoval, San Angelo, Sonora, Coleman, Ballinger, Water Valley and Sterling City, Texas, the newly acquired stores each have 2,828 square feet of merchandising space and six fueling stations, and many also offer diesel fueling islands.

This is the first major portfolio of stores that Yesway has acquired in 2022, and it follows the August launch of the new Allsup’s Express concept store adjacent to the campus of Texas Tech University in Lubbock, Texas, and the earlier announced openings of new Allsup’s stores in Breckenridge, Canyon, Colorado City, Claude, Mineral Wells, Robert Lee, and San Angelo, Texas, and Alamogordo, Artesia and Carlsbad, New Mexico.

These are in addition to numerous grand openings of new Allsup’s stores in Abilene, Azle, Bangs, Decatur, Friona, Hereford, Merkel, Tuscola and Wall, Texas; Roswell, N.M.; and Guymon, Okla., that took place earlier this year.

Yesway now owns and operates convenience stores and truckstops in nine states: Texas, New Mexico, South Dakota, Iowa, Kansas, Missouri, Wyoming, Oklahoma and Nebraska. The Yesway portfolio now stands at 423 stores, with the company having opened more than 30 new-to-industry (NTI) and relocated stores so far in 2022.

In 2020, the company raised an additional $235 million of equity capital, $135 million of which it would invest in targeted real estate capital projects.

Owned by BW Gas & Convenience Holdings and an affiliate of Beverly, Mass.-based real-estate and private-equity investment and asset management company Brookwood Financial Partners, Yesway is a multi-branded platform that acquires, transforms and enhances portfolios of c-stores by leveraging expertise in real estate and technology and by implementing data-driven decision making.

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