Convenience store chain Yesway has signed a definitive agreement to buy US-based Allsup’s Convenience Stores for an undisclosed sum.
As part of the deal, the convenience store chain will purchase all of the stores in Allsup’s portfolio, which total to more than 300 locations.
Yesway chair and chief executive officer Thomas Nicholas Trkla said: “Allsup’s founders, Lonnie and Barbara Allsup, were true pioneers, innovators and visionaries of convenience store retailing.
“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.
“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.”
The transaction is currently subject to regulatory approval and customary closing conditions.
Goldman Sachs is serving as the financial advisor to Yesway on this transaction, while Goldman Sachs and RBC are joint lead arrangers on the associated debt facility.
Allsup’s convenience stores president Mark Allsup said: “We are very excited to have selected Yesway as the acquirer of our company and the future custodian of our brand and legacy.
“We chose Yesway as a partner because their values are truly aligned with ours. They share our commitment to support the local communities we serve, our unwavering pledge to our customers to provide them with a terrific shopping experience, and our dedication to the success and well-being of our employees.”
In July last year, Yesway acquired 26 Fresh Start stores in three US states expanding its portfolio to 150 stores.
Yesway also acquired 13 Chisum Travel Center and Fast Stop convenience stores in Texas, US in June the same year.