Allsup’s Convenience Stores is being purchased by Yesway, according to reports Tuesday afternoon.
A Yesway press release said the Iowa-based company has entered into a definitive agreement to purchase Allsup’s, which is based in Clovis, New Mexico, subject to regulatory approval and customary closing conditions.
The manager of the Clarendon Allsup’s location was unavailable for comment at press time.
“Allsup’s founders, Lonnie and Barbara Allsup, were true pioneers, innovators, and visionaries of convenience store retailing,” said Thomas Nicholas Trkla, Chairman and Chief Executive Officer 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.”
Trkla said Yesway looks forward to building on the Allsup’s heritage and plans to keep products customers are used to “including – without question – the world-famous Allsup’s Burrito.”
The Eastern New Mexico News in Clovis obtained a copy of a letter sent to Allsup’s employees, which said the stores will continue to operate under the Allsup’s name.
“It has not been a secret that we have been exploring a potential transaction over the past year or longer,” the News reported the letter saying. “Our top priority was to find a partner for this transaction that would be a good fit for our company, a responsible steward of the wonderful company that you and our family have built over the past 63 years.”
The News also said the letter states that longtime VP of Finance Barbara Allsup will retire, while Mark Allsup will stay on board in a management and advisory role to ensure a smooth transition.
“We are very excited to have selected Yesway as the acquirer of our company and the future custodian of our brand and legacy,” President Mark Allsup said in the Yesway release. “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 wellbeing of our employees.”
“Mark was very deliberate and selective in choosing a buyer for our company and we believe he has made an excellent choice in Yesway,” Barbara Allsup said in the release. “Lonnie and I opened our first store in Roswell, New Mexico in 1956 and have operated as a private, family-owned business eversince. We have always cared deeply about maintaining strong family commitments, having honest, hard-working employees, and partnering with helpful service providers, vendors and other professionals in the communities we serve. We believe that our legacy is in very good hands with Yesway.”
BW Gas & Convenience Holdings, LLC d/b/a Yesway is headquartered in Des Moines, IA and Abilene, TX. Yesway appears at #6 on the Convenience Store News “2019 Top 20 Growth Chains” list, is currently ranked #43 on the “CSP Top 202 Chains” list, was named a “2017 Chain to Watch” by Convenience Store Decisions, and was awarded a Bronze for Loyalty & Advocacy in the 2018 Loyalty360 Customer Experience Awards. Over the past three and a half years, Yesway has acquired over 150 conveniences stores located in Iowa, Texas, New Mexico, Oklahoma, Kansas, Missouri, Nebraska, South Dakota, and Wyoming. Yesway plans to assemble a portfolio comprising more than 500 convenience stores in selected regions of the United States over the next several years. www.yesway.com.
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