BW Gas & Convenience Holdings LLC (doing business as Yesway), a convenience store operator in the U.S. founded by Brookwood Financial Partners in 2015, has raised $190 million in new equity to continue funding its store construction program.
Yesway looks to grow its store count and financial performance through the completion of new stores 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. The company plans to construct 28 additional stores in 2023, the majority of which will be funded using the proceeds of the newly-raised equity. The majority of the structured equity comes from HPS Investment Partners, a global investment firm with $95 billion of assets under management.
Yesway was advised on the transaction by Latham & Watkins and HPS was advised by Gibson, Dunn & Crutcher.