Dive Brief:
- Yesway has filed a registration statement with the U.S. Securities and Exchange Commission ahead of a proposed initial public offering, according to a Friday press release.
- The company aims to trade on the Nasdaq under the ticker YSWY. The price range and number of shares have not been determined yet, and Yesway did not share a timeline for the proposed IPO.
- This is the second time Yesway, which also owns the Allsup’s banner, has attempted to go public. The first try was halted in late 2022 because of unfavorable market conditions, a company spokesperson said at the time.
Dive Insight:
Yesway’s parent company, Brookwood Financial Partners, tried to take the c-store retailer public in September 2021, but paused those plans as 2022 turned into a terrible year for IPOs due to the continuing effects of COVID-19 and high inflation.
The situation in 2026 looks much more favorable, with Deloitte noting in February that “improving market conditions and a strong pipeline support optimism for upcoming IPOs.”
While Yesway is taking another crack at an IPO, the company is still paying close attention to market conditions, and noted in the announcement that “there can be no assurance as to whether or when the offering may be completed.”
Morgan Stanley is the lead bookrunning manager for the IPO, with J.P. Morgan and Goldman Sachs also acting as active bookrunning managers.
The revamped IPO plans come as Brookwood’s initial 10-year investment fund in Yesway is set to expire this year. In late 2025, a source close to the company told C-Store Dive that Yesway’s investors had grown frustrated with the lack of activity as the clock ticked on Brookwood’s fund, and that a sale of all its assets had been considered. After surpassing 400 convenience stores in its first few years as a business, Yesway’s growth slowed since axing its initial IPO — a stark contrast from CEO Tom Trkla’s 2023 vision to build 60 to 80 locations per year.
Yesway has spent the last couple years adjusting its footprint to more closely align with its strategy, which has centered on growing the Allsup’s banner in the Southwest. Most notably, the retailer sold 29 Yesway-branded sites in Iowa and Kansas to Mega Saver, exiting those states entirely. According to the announcement, Yesway has also added 91 stores through NTIs and acquisitions over the past few years, but the company did not share under which banners those stores operate.
Yesway has also beefed up its leadership team in recent months, adding Robert Hampton as its chief technology officer, Chuck Sanders as vice president of merchandising and Robert Drake as vice president of facilities. All three bring years of experience at other major convenience store chains to their roles.
