BW Gas & Convenience Holdings, LLC d/b/a Yesway is pleased to announce that it has raised $190 million in new equity in the second half of 2022 to continue funding its successful new store construction program. The majority of the structured equity comes from HPS Investment Partners (“HPS”), a leading global investment firm with $95 billion of assets under management.
“We are tremendously excited to announce our new partnership with HPS,” said Tom Trkla, Chairman and Chief Executive Officer of Yesway. “We are deeply appreciative of the collaborative and accommodating nature of our discussions with HPS that showed a keen understanding of our business and are impressed by the talent of their investment team.”
In the past year, Yesway commenced an aggressive campaign to grow store count and financial performance through the completion of new stores and raze-and-rebuild projects across its portfolio and geographic footprint. Throughout 2022, Yesway completed the construction of 17 new stores and 21 raze-and-rebuild projects at an industry-leading annual return on invested capital. Given the success of the completed projects to-date, Yesway plans to construct 28 additional new stores in 2023, the majority of which will be funded using the proceeds of the new equity it has raised.
Yesway was founded in 2015 by Brookwood Financial Partners (“Brookwood”), a real estate private equity firm that specializes in acquiring and managing value-add commercial real estate and real estate-related operating businesses. Since Yesway’s inception, Brookwood has raised approximately $825 million in equity to effect Yesway’s growth strategy.
Yesway was advised on the transaction by Latham & Watkins and HPS was advised by Gibson, Dunn & Crutcher.