Yesway to acquire Allsup's

CLOVIS — After months of rumors, Allsup’s Convenience Stores, Inc., told its employees on Tuesday it is being acquired by an equity firm that operates Iowa-based convenience store chain Yesway.

The deal for 304 locations, announced via a Yesway release Tuesday morning, is subject to regulatory approval and closing conditions.

“We are very excited to have selected Yesway as the acquirer of our company and the future custodian of our brand and legacy,” said Mark Allsup, Allsup’s president, 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 well-being of our employees.”

Yesway chairman and chief executive officer Thomas Nicholas Trkla said the stores will continue to operate under the Allsup’s brand, and the company intends to always keep a corporate office in Clovis.

A letter sent to Allsup’s employees announcing the change was acquired by The News.

“It has not been a secret that we have been exploring a potential transaction over the past year or longer,” it read. “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.”

According to the letter, 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.

“Allsup’s founders Lonnie and Barbara Allsup were true pioneers, innovators, and visionaries of convenience store retailing,” Nicholas Trkla said in a release. “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.”

The sale does not include Zia Broadcasting.

Allsup’s founder Lonnie Allsup died in 2018, leaving a legacy that started with one store in 1956 in Roswell and now includes more than 300 stores, with 3,000 employees, in about 160 communities throughout Texas and New Mexico.

The Iowa Park (Texas) Leader reported in late August the chain had sold nine of its Texas locations to a Georgia company, and those locations would be operated as Hop-In stores.

Yesway, currently ranked No. 6 on the Convenience Store News top 20 growth chains for 2019, plans to assemble a portfolio comprising more than 500 convenience stores in selected regions of the United States over the next several years.