Home News Local News Yesway completes buyout of 304 Allsup’s convenience stores

Yesway completes buyout of 304 Allsup’s convenience stores

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The buyout of Allsup’s by another company is complete. (Lisa Dunlap Photo)

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Yesway, a privately owned convenience and gas store operator, has completed the purchase of 304 stores owned by the Clovis-based Allsup’s Convenience Stores.

“There are tremendous synergies between our two companies, the most notable of which are Allsup’s’ phenomenal foodservice offer and Yesway’s technological expertise,” said Tom Trkla, chairman and chief executive officer of Yesway, in a news release Tuesday. “We are fortunate to have very experienced management teams within both organizations, which will help us execute on our vision.”

He added that Yesway will now have 421 stores in Texas, New Mexico and Oklahoma after four years of operating gas and convenience stores, as it works its way toward a goal of 500 or more stores in numerous states. It focuses on smaller communities and now has a store in San Jon, New Mexico, in Quay County.

In a previous interview, Trkla said that no Allsup’s store closures or employee layoffs are anticipated with the buyout and that the chain will keep its brand name as well as the “world famous” Allsup’s Burrito.

Lonnie and Barbara Allsup started the business with their first store in Roswell in 1956. They had 12 stores in three New Mexico cities when they sold their business to Southland Corp., which operated as 7-11. The deal came with a non-compete agreement, so the Allsups moved to Clovis and started a new convenience store chain in 1964, which eventually grew to 12 stores in three states.

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Lonnie Allsup passed away in January 2018, but Barbara Allsup has remained with the company as vice president of finance and was expected to be involved in the integration of the two companies.

Their son Mark Allsup, president of Allsup’s, will serve as president of the new operation, Trkla announced.

Other Allsup’s executives and department managers who will have senior roles in the new operations include Brian Ashburn, who will serve as senior vice president and co-director of retail operations, and Jeff Scarbrough, who will serve as senior vice president and director of fuels. Allsup, Ashburn and Scarbrough will become members of Yesway’s Operating Committee, the news release indicated.

Mark Allsup said that Yesway is expected to continue the same culture and service as Allsup’s.

“From our founding over 60 years ago to today, Allsup’s has had a rich history of caring about our employees, our customers, our service providers and the communities in which we work and live,” Mark Allsup said. “With Yesway as the new steward of the Allsup’s legacy, we know that our values and our commitment to maintaining a hardworking, caring and loyal culture will not change as we move forward. We could not be more pleased about joining the Yesway family and look forward to a bright future together.”

Goldman Sachs acted as financial advisor to Yesway for the buyout, and Goldman Sachs and RBC were joint lead arrangers on the debt instruments.

Yesway is based in Des Moines, Iowa, and Abilene, Texas. It now runs stores in Iowa, Texas, New Mexico, Oklahoma, Kansas, Missouri, Nebraska, South Dakota and Wyoming. It is owned by BW Gas & Convenience Holdings LLC, an affiliate of the private equity investment firm Brookwood Financial Partners LLC of Beverly, Massachusetts.

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