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Yesway Files for Up to $100M IPO
from CSN-1121
by ensembleiq
YESWAY INC. IS PLANNING an initial public offering (IPO) valued at up to $100 million. On Sept. 21, the company filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed offering of its Class A common stock.
The operator of Yesway and Allsup’s branded convenience stores intends to list on the Nasdaq under the ticker symbol “YSWY.” The number of shares to be offered and the price range for the proposed offering have not yet been determined.
Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC, BMO Capital Markets and Barclays are acting as joint bookrunning managers for the proposed offering. Yesway had 403 company-operated stores as of June 30, which is up from 140 on Dec. 31, 2018. Its geographic footprint includes attractive rural and suburban markets throughout the Midwest and Southwest, where it often effectively serves as the local grocer.
Additionally, its sites are differentiated through a leading foodservice offering that features Allsup’s famous deep-fried burrito, and a wide variety of high-quality grocery items and private label products.
Yesway reached $1.6 billion in sales for the 12 months ended June 30, 2021. The company plans to continue its successful track record of growing through acquisitions, solidifying its market position and growing its store count.
Based in Fort Worth, Texas, Yesway is the retail arm of BW Gas & Convenience Holdings LLC. Its current operating footprint includes Iowa, Kansas, Missouri, Nebraska, New Mexico, Oklahoma, South Dakota, Texas and Wyoming.
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