Real estate program
In October, Yesway announced that it had raised an additional $235 million in equity funding, of which $135 million was to be invested in targeted real estate projects. The capital is also earmarked for follow-on acquisitions to further expand the Yesway/Allsup brand presence, the company announced last fall.
Beverly, Mass.-based Brookwood Financial Partners LLC, the private equity firm that founded Yesway, was the sole private placement agent for the offering. In total, it has raised over $642 million in equity for its subsidiary Yesway, in addition to arranging over $237 million in sale-leaseback proceeds.
Alongside this initiative and in support of it, Yesway has also made significant investments in its people, hiring hundreds of new employees and recognizing their great work through its Hospitality Heroes program.
“As part of our integration of Allsup’s, we have identified more than $135 million of real estate capital projects within the portfolio, including the razing and rebuilding of 27 existing Allsup stores, the completion of upgrades targeted in over 100 additional Allsup stores, converting several existing Yesway stores in Texas to the Allsup’s brand, significantly improving many of our existing Yesway-branded stores, and adding new-to-market stores in communities that we believe , could benefit from an Allsup’s store,” Trkla said during last fall’s announcement. “In particular, these enhancements will allow us to offer Yesway customers the full Allsup dining program, including , of course, the world famous Allsup Burrito.”
In recent years, Allsup’s has completed more than 100 razings and rebuilds of existing convenience stores, increasing its average store size from 2,400 square feet to over 4,800 square feet, enabling an expanded selection of in-store merchandise and products. private. label offers.
In late 2019, Fort Worth-based Yesway completed its acquisition of Allsup convenience stores. The transaction, which was first announced in October 2019, was Yesway’s largest in its history. With the addition of Allsup’s, based in Clovis, New Mexico, Yesway’s store count grew to more than 400 convenience stores and strengthened its presence in Texas, New Mexico and Oklahoma.
Established in 2015, its portfolio currently consists of over 400 stores located in Texas, New Mexico, South Dakota, Iowa, Kansas, Missouri, Wyoming, Oklahoma and Nebraska, including Allsup .