Yesway is acquiring Clovis, New Mexico-based Allsup’s Convenience Stores, which has a portfolio of 304 stores in Texas, New Mexico and Oklahoma. Some Allsup’s have served 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 Yesway Chairman and CEO Thomas Nicholas Trkla. “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. 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 Convenience Stores. “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.”
“Mark was very deliberate and selective in choosing a buyer for our company and we believe he has made an excellent choice in Yesway,” said Barbara Allsup, who has served as the company’s VP of finance since its founding. “Lonnie and I opened our first store in Roswell, New Mexico, 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, hardworking 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.”
BW Gas & Convenience Holdings, dba Yesway, is headquartered in Des Moines, Iowa, and Abilene, Texas. Over the past three and a half years, Yesway has acquired more than 150 conveniences stores in Iowa, Texas, New Mexico, Oklahoma, Kansas, Missouri, Nebraska, South Dakota and Wyoming. Yesway plans to assemble a portfolio comprising more than 500 convenience stores in selected regions of the U.S. over the next several years.
Goldman Sachs is acting as financial advisor to Yesway for this transaction and Goldman Sachs and RBC are joint lead arrangers on the associated debt facility. The sale is subject to regulatory approval and customary closing conditions.