Des Moines, Iowa-based Yesway, a convenience chain, has entered into a definitive agreement to purchase Allsup’s Convenience Stores, based in Clovis, N.M, subject to regulatory approval and customary closing conditions.
Allsup’s, a convenience retailer with a portfolio of more than 300 stores across Texas, New Mexico and Oklahoma, has been in business for approximately 60 years. Goldman Sachs is acting as financial advisor to Yesway for this transaction, and Goldman Sachs and RBC are joint lead arrangers on the associated debt facility.
“Allsup’s founders, Lonnie and Barbara Allsup, were true pioneers, innovators, and visionaries of convenience store retailing,” said Thomas Nicholas Trkla, chairman and CEO 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.”