• Yesway Agrees to Purchase Allsup's

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    Fast-growing retailer Yesway has entered into a definitive agreement to
    purchase Allsup's Convenience Stores, the Clovis, New Mexico, retailer with an
    extensive presence in Texas and New Mexico counties close to the red-hot
    Permian Basin. The deal is subject to regulatory approval and customary closing
    conditions.

    Allsup's has a portfolio of more than 300 stores in Texas, New Mexico and
    Oklahoma and has served local communities for over 60 years.

    "Allsup's founders, Lonnie and Barbara Allsup, were true pioneers, innovators,
    and visionaries of convenience store retailing," said Thomas Nicholas Trkla,
    chairman and chief executive officer 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," he added. "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."

    OPIS notes that the chain had been shopped for many months, with interest
    received from a number of consolidators and refiners. The Allsup's package was
    handled by Goldman Sachs, OPIS is told. Goldman Sachs and RBC will provide
    assistance on the debt facility used to handle the purchase.

    Barbara Allsup, who has served as the company's vice president of finance since
    its founding in 1956, noted that son Mark "was very deliberative and selective
    in choosing" Yesway as the buyer, preferring a sale to a company that would
    maintain the values of caring deeply about maintaining strong family
    commitments, and partnering with helpful service providers, vendors and other
    professionals in the communities" the chain serves. "We believe that our legacy
    is in very good hands with Yesway," she added."

    Yesway, headquartered in Des Moines, Iowa, and Abilene, Texas, has acquired
    over 150 c-stores in Iowa, Texas, New Mexico, Oklahoma, Kansas, Missouri,
    Nebraska, South Dakota and Wyoming in the last three and a half years. The
    company has long indicated that it wants to assemble a portfolio of over 500
    c-stores in the next several years.

    --Tom Kloza, tkloza@opisnet.com


    Copyright, Oil Price Information Service

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