• Yesway Adds to Corporate Team; Opens New HQ; Targets More Growth

  • Yesway Adds to Corporate Team; Opens New HQ; Targets More Growth

    Just nine days after opening its second Allsup's Market concept store,
    fast-growing Yesway has tapped a couple of c-store industry veterans for its
    senior leadership team.

    Yesway today named Tate Cutrer, formerly with RaceTrac, as Yesway's new senior
    vice president of human resources. Aaron Everett will take the helm chief
    information officer, joining the company from Lucky's Market. Cutrer was
    director of talent development and learning at Racetrac and held other senior
    roles in the company. Everett was CIO for Lucky's and led all IT strategy,
    budgeting and operational initiatives for that chain's 75 stores.

    Office moves are also part of the changes, with new corporate headquarters now
    in the Alliance area of Fort Worth, Texas. Former headquarters were in Des
    Moines, Iowa, as well as Clovis, New Mexico. The Clovis office was a result of
    the November 2019 deal in which Yesway acquired Allsup's.

    The second concept store in Vaughn, New Mexico represents the first
    new-to-industry opening for Yesway since it purchased Allsup's last
    November.The store boasts almost 5,500 square feet of interior merchandising
    space as well as 20 fueling positions, including four new diesel fueling lanes.

    There is much more to come for the regional chain. The company has commenced
    the major remodeling of approximately 100 additional Yesway and Allsup's stores
    in Texas and New Mexico and last month raised an additional $235 million of
    equity capital, which included $135 million that targeted real estate capital
    projects. The funding will help complete raze and rebuilds in 27 locations,
    including new 5,500-square-foot prototype stores in Texas, New Mexico and
    Oklahoma. Beyond those sites, approximately 100 major remodels are planned for
    Texas and New Mexico.

    Other areas are targeted. Yesway wants to build brand new stores in Texas, New
    Mexico, Oklahoma and South Dakota. They've commenced real estate purchases and
    design plans for six stores in existing and new markets.

    Yesway has ultimate plans to become a public company and also plans to be
    active in the M&A market. Executives are currently looking at portfolios
    representing approximately 200 stores within its geographic footprint. They
    target over 500 c-stores in the U.S. over the next several years.

    --Reporting by Tom Kloza, tkloza@opisnet.com; Editing by Michael Kelly,
    michael.kelly3@ihsmarkit.com



    Copyright, Oil Price Information Service