• Yesway Completes Allsup's Deal

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    Yesway has completed its acquisition of Allsup's Convenience Stores, the
    304-site regional chain based in Clovis, N.M.

    It is by far the most transformative deal for Yesway in its four-year history,
    giving the private-equity-backed company some 421 stores, or close to its goal
    of assembling a portfolio of 500-plus stores and moving closer to its goal of
    being a Top 15 operator.

    "All of us at Yesway are excited to be joining together with Allsup's, one of
    the most iconic and adored convenience store chains in the country," said Tom
    Trkla, chairman and CEO of Yesway, in the announcement. He cited the
    "tremendous synergies" between the two companies, the most notable of which are
    Allsup's foodservice offer and Yesway's technological expertise.

    Mark Allsup will serve as president of the combined company, and other senior
    roles in the company will go to Brian Ashburn, who will serve as senior vice
    president and co-director of retail operations, as well as Jeff Scarbrough, who
    will be senior vice president and director of fuels.

    Goldman Sachs was the financial advisor to Yesway on the deal, and Goldman
    Sachs and RBC were joint lead arrangers on the associated debt facility.

    Yesway is intent on getting to the 500-plus-store level, although it's
    anticipated that deal flow may slow as executives deal with managing company
    integration.

    --Tom Kloza, tkloza@opisnet.com


    Copyright, Oil Price Information Service

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