Case Study · Real Estate Related Operating Businesses
Yes to success:from 10 stores to Nasdaq.
How Brookwood conceived, sponsored, capitalized and helped build one of the leading convenience store operators in the United States.
A thesis, executed.
What began as a Brookwood investment thesis became an integrated retail operating company through disciplined acquisitions, new-store development, operational investment, brand building and customer-focused execution.
The thesis
Brookwood launches the BW Gas & Convenience Funds to acquire, enhance and operate a curated portfolio of gas stations and convenience stores under the Yesway brand. It starts with a 10-store acquisition.
Building the platform
Strategic acquisitions including Allsup’s, new-store development, operational investment and brand building across rural and suburban markets in the Southwest and Midwest.
Scale
Yesway becomes the 15th largest convenience store operator in the U.S., with $2.7B in annual revenue and more than 5,600 employees.
The IPO
Yesway, Inc. prices its initial public offering of 14,000,000 shares of Class A common stock at $20.00 per share.
Nasdaq: YSWY
Yesway begins trading on the Nasdaq Global Select Market. Brookwood celebrates a company it conceived, sponsored, capitalized and helped build.
April 22, 2026.
We are extremely proud of Yesway’s evolution from a Brookwood-sponsored platform into a publicly traded company.Thomas N. TrklaFounder, Chairman and Chief Executive Officer
*As of December 31, 2024. Firm-wide gross realized IRR since inception. Returns to investors will differ depending on the fee structure. Past performance may not be indicative of future results. Yesway figures as reported by Yesway, Inc.
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