Yesway, Inc.

Yesway, Inc., a U.S.-based convenience store operator founded in 2015 by Brookwood Financial Partners, LLC, operates 448 locations (419 excluding 29 Iowa/Kansas stores pending sale) across nine states primarily under Yesway and Allsup’s brands. The company focuses on rural and suburban markets in the Southwest and Midwest, offering fuel, merchandise, and differentiated foodservice like Allsup’s deep-fried burritos. For the year ended December 31, 2025, Yesway reported revenues of $2,672.6 million, up 5.8% from $2,526.4 million in 2024, with fuel sales at $1,757.5 million (65.8% of total) and inside merchandise sales at $888.7 million (33.3%). Adjusted EBITDA grew to $186.9 million from $149.3 million, driven by new stores, higher fuel margins (40.6 cpg), and inside merchandise margins (35.2%). Store count increased to 448 from 440, with 14 net new openings. Yesway owns 65% of its real estate and plans 130 new stores over five years, funded via build-to-suit leases. The IPO seeks to issue [●] shares of Class A common stock at $[●] per share (midpoint), raising $[●] million in net proceeds. Proceeds will fund redemption of $147 million redeemable senior preferred membership interests in BW Ultimate Parent, LLC, repay $50 million revolving debt, and support growth including new stores. Post-IPO, Brookwood will control >50% voting power via Class B shares, making Yesway a controlled company. Investment thesis: resilient convenience retail model with strong same-store growth, high margins, and expansion potential in fragmented markets, backed by $1.9 billion assets and $659 million debt as of December 31, 2025.

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