{"id":4896,"date":"2020-10-28T09:51:27","date_gmt":"2020-10-28T13:51:27","guid":{"rendered":"http:\/\/brookwood.davisadbeta.com\/?p=4896"},"modified":"2020-10-28T09:51:27","modified_gmt":"2020-10-28T13:51:27","slug":"yesway-raises-an-additional-235-million-to-accelerate-its-growth","status":"publish","type":"post","link":"https:\/\/brookwood.davisadbeta.com\/?p=4896","title":{"rendered":"Yesway Raises an Additional $235 Million to Accelerate its Growth"},"content":{"rendered":"<p><strong>(Beverly, MA) \u2013 October 28, 2020<\/strong> \u2013Yesway, one of the largest and fastest growing convenience store operators in the United States, announced today that it had completed the private placement of an additional $235 million of equity.\u00a0 The new capital will be used to fund an extensive raze-and-rebuild and store remodel campaign across the portfolio and pursue complimentary acquisitions to further expand the Yesway\/Allsup\u2019s brand presence.\u00a0 Brookwood Financial Partners, LLC (\u201cBrookwood\u201d), the private equity firm that founded Yesway, was the sole private placement agent for the offering.\u00a0 In total, Brookwood has raised over $642 million in equity capital for its Yesway affiliate in addition to arranging over $237 million in sale-leaseback proceeds.<\/p>\n<p>\u201cSince founding Yesway approximately five years ago and acquiring the Allsup\u2019s Convenience Store chain last November, we have been extremely pleased with our integration efforts and how well the company has performed.\u00a0 Given this success, we decided to raise additional capital to accelerate our real estate capital programs and to finance additional portfolio acquisitions.\u00a0 In addition, we will likely further de-lever the company\u2019s balance sheet by pre-paying a significant amount of our Term Loan B debt,\u201d stated Tom Trkla, Yesway\u2019s Chairman and Chief Executive Officer.\u00a0 \u201cAs part of our integration of Allsup\u2019s, we have identified over $135 million in real estate capital projects within the portfolio, including razing and rebuilding 27 existing Allsup\u2019s stores, performing targeted upgrades to over 100 additional Allsup\u2019s stores, converting several existing Yesway stores in Texas to the Allsup\u2019s brand, significantly upgrading many of our existing Yesway-branded stores and adding new to market stores in communities which we have determined could benefit from an Allsup\u2019s store.\u00a0\u00a0 In particular, these improvements will allow us to offer the complete Allsup\u2019s food service program to Yesway customers, including, of course, the world famous Allsup\u2019s Burrito.\u201d<\/p>\n<p>Over the past several years, under the direction of Mark Allsup, the son of Allsup\u2019s founders Lonnie and Barbara Allsup, Allsup\u2019s has completed over 100 raze and rebuilds of existing Allsup\u2019s convenience stores, increasing the store size from an average of 2,400 square feet to over 4,800 square feet and allowing for an expanded selection of in-store merchandise and private label product offerings and, in most cases, an increase in the number of diesel and gasoline fueling stations.<\/p>\n<p>Trkla added, \u201cWe are also pleased to announce that we recently completed over $7 million in technology upgrades to all Allsup\u2019s stores, including the installation of a state-of-the-art PDI back office software system, the migration of all Yesway and Allsup\u2019s stores to a consistent point of sale system, and the installation of significant in-store hardware systems and upgrades. These technological and telecommunications improvements will allow us to dramatically improve our reporting capabilities and repair and maintenance turnaround times, in addition to serving as the platform for our soon-to-be unveiled Allsup\u2019s customer loyalty program, which has been modeled after our award-winning Yesway Rewards loyalty offering.\u00a0 All of this was done with the singular goal of making an already-terrific Yesway\/Allsup\u2019s shopping experience even better.\u201d<\/p>\n<p><strong><em>About Yesway <\/em><\/strong><em>\u2013 BW Gas &amp; Convenience Retail, LLC d\/b\/a Yesway is headquartered in Fort Worth, Texas. Yesway is currently ranked #2 in year-over-year relative store growth on the Convenience Store News \u201c2020 Top 20 Growth Chains\u201d list, after being ranked #1 on the \u201c2019 Top 20 Growth Chains\u201d list, is ranked #17 on the \u201cCSP Top 202 Chains\u201d list by total portfolio size, was named a \u201c2017 Chain to Watch\u201d by Convenience Store Decisions, was awarded a Bronze for Loyalty &amp; Advocacy in the 2018 Loyalty360 Customer Experience Awards, and its CEO has been named a \u201cCSP 2020 Power 20 Deal Maker.\u201d Yesway\u2019s swiftly expanding portfolio currently consists of 402 stores located in Texas, New Mexico, South Dakota, Iowa, Kansas, Missouri, Wyoming, Oklahoma, and Nebraska, including most recently, the 304-store Allsup\u2019s Convenience Store chain.\u00a0 Yesway plans to grow its portfolio to over 500 convenience stores in selected regions of the United States over the next several years.\u00a0 <\/em><a href=\"http:\/\/www.yesway.com\"><em>www.yesway.com<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Beverly, MA) \u2013 October 28, 2020 \u2013Yesway, one of the largest and fastest growing convenience store operators in the United States, announced today that it had completed the private placement of an additional $235 million of equity.\u00a0 The new capital will be used to fund an extensive raze-and-rebuild and store [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":4640,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[78,1],"tags":[],"class_list":{"0":"post-4896","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-management","8":"category-news","9":"entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - 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