Yesway exits Iowa and Kansas in $21 million store sale
The Fort Worth-based convenience retailer handed 29 locations to Now & Forever and plans to channel the proceeds into new-to-industry stores within its faster-growing core markets.
Yesway, Inc. has completed the sale of its 29-store portfolio in Iowa and Kansas to Now & Forever for approximately $21 million, including inventory. The company announced the capital will go toward strengthening its balance sheet and building new stores where it expects higher returns.
The divestiture is part of a plan to monetize non-strategic assets and put resources into regions with stronger growth. Leaving the two states also lets the retailer focus its operations and simplify its supply chain.
"By monetizing our Iowa and Kansas portfolio, we are unlocking capital to invest in new-to-industry stores in faster-growing core markets where we see opportunities to achieve higher returns," said Thomas N. Trkla, Chief Executive Officer. "This transaction is fundamentally about putting our capital to work where we believe it can generate the greatest long-term value."
Trkla also thanked the employees who ran the divested locations. "Their pride in their work, care for our customers, and dedication to their communities helped build the foundation of our company," he said.
Yesway was founded in 2015. After the sale, it runs approximately 420 convenience stores across eight Midwest and Southwest states under the Yesway and Allsup's brands. The stores sell prepared food, groceries and private-label products such as Allsup's burritos. Through acquisitions and new construction, the company has opened more than 90 stores in recent years.
