Texas-based convenience chain Yesway has announced a new funding milestone.
The company announced it has raised $190 million in new equity in the second half of 2022 to continue funding its successful new store construction program, with a majority coming from HPS Investment Partners.
"We are tremendously excited to announce our new partnership with HPS," said Tom Trkla, chairman and CEO of Yesway. "We are deeply appreciative of the collaborative and accommodating nature of our discussions with HPS that showed a keen understanding of our business and are impressed by the talent of their investment team."
In 2022, Yesway built 17 new stores along with completing 21 raze-and-rebuild projects for future locations. The $190 million will fund Yesway’s plans to construct 28 additional new stores in 2023.
Yesway operates 428 stores located in Texas, New Mexico, South Dakota, Iowa, Kansas, Missouri, Wyoming, Oklahoma and Nebraska under the Yesway and Allsup’s banners where customers can find private label snacks and prepared food items.