News

TravelCenters of America sale to infuse brand with cash for growth

September 4, 2018

A growing QSR competitor, TravelCenters of America, is leaving the standalone convenience store business. It has agreed to sell TA's Minit Mart convenience store business for approximately $330.8 million to EG Group, according to a news release.

The sale of the portfolio that includes 225 stand-alone convenience stores and certain other related assets, will allow TA to focus on its core travel center business, according to the release, which said it will use sale proceeds to "reduce leverage and/or invest in travel center growth initiatives." 

"We expect some of these growth initiatives may include expanding our industry-leading truck service program and growing our nationwide network of travel centers, including investing in our recently announced TA Express travel center format and pursuing new franchising opportunities," CEO Andy Rebholz, said in the release. 

Based on this total sale price of $333.8 million and the estimated expenses related to the transaction, TA expects that the net cash proceeds from this transaction will be approximately $320.1 million. TA's nationwide operations include travel centers located along the U.S. Interstate Highway System in 43 states and in Canada, standalone convenience stores in 11 states and standalone restaurants in 13 states.