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TravelCenters of America

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TravelCenters of America LLC
Company typeSubsidiary
Nasdaq: TA
IndustryTruck stops
Founded1972; 52 years ago (1972)
Headquarters
Westlake, Ohio
,
United States
Number of locations
272[1] (2021)
Areas served
  • United States
Key people
Brands
  • Petro Stopping Centers
  • TA Express
  • TA
  • TravelCenters of America
  • GOASIS
  • Country Pride
  • Iron Skillet
RevenueUS$ 6.1 billion (2019)
Number of employees
20,259[1] (2018)
ParentBP
Divisions
  • TA Restaurant Group
  • TA Truck Service
Websiteta-petro.com
TA travel center near Monroe, Michigan

TravelCenters of America LLC is the largest publicly traded full-service truck stop and travel center company in the United States. The company operates full service centers, convenience stores, and restaurants under the TravelCenters of America, TA, Petro Stopping Centers, TA Express, GOASIS brands [2]' TravelCenters of America is headquartered in Westlake, Ohio,[3] operates in 44 U.S. states, and employs nearly 20,000 people, as of 2021.

In May 2023, BP acquired the company.[4][5]

Description and corporate affairs

[edit]

TravelCenters of America (TA) is an operator of truck stops and travel centers in the United States,[1] with approximately 270 full-service locations along the Interstate Highway System in 44 U.S. states and in Canada, plus standalone restaurants in more than 10 states, as of 2018.[6][7] The publicly traded limited liability company is headquartered in Westlake, Ohio and employs nearly 20,000 people.[1]

Divisions of TA include TA Restaurant Group and TA Truck Service. Brands include TravelCenters of America, TA, and Petro Stopping Centers; approximately 40 restaurants generally operate under the Quaker Steak & Lube brand. Together, these brands offer diesel fuel and gasoline, full service and fast food restaurants, maintenance and repair service for trucks, and groceries and convenience goods, among other products and services.[6] (TA) divested Quaker Steak & Lube in April 2021 to an undisclosed buyer for $5 million.

Jon Pertchik became chief executive officer (CEO) in 2019. Barry Richards is president, and in 2020, Peter J. Crage was named executive vice president (EVP), chief financial officer (CFO), and treasurer.

History

[edit]

TravelCenters of America was established by Phil Saunders in 1972 as Truckstops of America.[8] The company was among the first truck stop chains in the nation, and was purchased by Ryder later that year.[9] Standard Oil of Ohio acquired the chain in 1984. After Standard Oil was purchased by BP, the multinational oil and gas company sold TA to Clipper Group in 1993.[9] The chain merged with National Auto/Truckstops in 1997, resulting in the new name TravelCenters of America Inc. (TA).[9] In the late 1990s, TA purchased seventeen Burns Bros. Travel Stops, then merged with over a dozen units of Travel Ports of America.[9] By 2000, the company had 160 locations in 40 U.S. states, 12,500 employees, and annual sales of $1.5 billion.[9] TA was acquired by Oak Hill Capital Partners in 2000.[10]

TA ranked #94 and #60 on Forbes' list of the largest private companies in 2005 and 2006, respectively.[8] In 2006, Hospitality Properties Trust (HPT) agreed to acquire the company for approximately $1.9 billion.[10] The acquisition was completed in January 2007, and TA shares started being traded on the American Stock Exchange on February 1.[11] TA continued operating as a fully owned subsidiary of HPT, which continued to be TA's largest shareholder, as of mid 2015.[12] In May 2007, TA acquired the operating businesses of the El Paso-based Petro Stopping Centers, and leased 40 Petro locations from HPT.[13][14]

RDG Capital Management encouraged TA to implement a $100 million share repurchase plan in 2015 to increase its stock price,[15] in addition to leasing and selling more company-owned properties.[16] TA elected to sign an approximately $400 million sale leaseback deal with HPT.[17][12] In mid 2016, the company's board of directors rejected a buyout submitted by the private equity firm Golden Gate Capital in December 2015. The offer was for $14 per share, valuing TA at $540 million.[17][18][19] TA filed a lawsuit against Comdata in November in response to the payment processor provider's allegations that TA breached agreements.[20] The Delaware Court of Chancery ordered Comdata to abide by contract terms and reimburse TA for excess fees charged since February 2017, plus interest and attorney's fees.[21][22] The court's final ruling is pending, as of March 2018.[23]

During 2015–2017, TA remodeled 56 Minit Mart and 24 Petro or TA locations.[24] The company has also focused on providing truckers with electronic logging devices, following a mandate issued by the Federal Motor Carrier Safety Administration in 2015.[25] TA ranked number 17 in CSP magazine's late 2017 list of the largest U.S. convenience store chains.[24][26] The company was also recognized by the Women's Forum of New York for having a board with 40 percent female representation.[27] In November 2017, president and CEO Thomas O'Brien announced his resignation effective December 31.[28][29] The board promoted Barry Richards, then serving as EVP, to the president and chief operating officer role, and named William Myers, who held the senior vice president and chief accounting officer position, to EVP, CFO and treasurer.[6][7] Adam Portnoy replaced O'Brien as the board's managing director. Andrew Rebholz became CEO in early 2018, having previously been EVP, CFO, and treasurer.[6][7] TA sold its Minit Mart brand by the end of 2018.[30]

TA partnered with Wex in February 2018 to provide fuel card services to all TA and Petro locations throughout the U.S.[26] The company also confirmed sponsorship of the "truck service challenge" competition for the Monster Energy NASCAR Cup Series and NASCAR Xfinity Series.[31][32] TA expanded its Westlake headquarters in March 2017 by purchasing a nearby building.[33]

In December 2019, Jon Pertchik was appointed as chief executive officer upon Andrew Rebholz's resignation.

TA fundraises for the St. Christopher Truckers Development and Relief Fund, which helps truck drivers who struggle financially as the result of health issues, annually since 2010. The company is the fund's largest contributor.[34] The company has been included on the Fortune 500 list for ten years, and ranks #470, as of 2018.[1]

TA previously operated a single Canadian travel center in Woodstock, Ontario, but the company closed that location in 2022, leaving it with solely a U.S. presence.[35]

In January 2023, TA and Electrify America announced a partnership to install 1,000 electric vehicle fast charging stations at roughly 200 TA and Petro branded locations. The installations are planned to begin in 2023 and occur over the next five years.[36]

In February 2023, it was announced that BP had reached an agreement to purchase TA for $1.3 billion in cash.[5] The acquisition finalized in May 2023.[4]

Divisions

[edit]

TA Restaurant Group

[edit]

TA Restaurant Group, a division of TravelCenters of America LLC,[37] had 43 national and regional restaurant brands and approximately 6,200 employees, as of April 2016.[38] The division operates around 850 restaurants and food stores branded as Country Pride, Iron Skillet, and Quaker Steak & Lube, among others.[39] In the aftermath of the Covid-19 pandemic, many locations have closed their full service sit down restaurants.

TA completed its purchase of the Quaker Steak & Lube restaurant chain in April 2016.[17][40] There are approximately 40 Quaker Steak & Lube restaurants in 12 states, as of 2021.[39] Quaker Steak & Lube continues to focus on franchise development.[41][42][39][43]

TA Truck Service

[edit]

The TA Truck Service division offers truck maintenance and repair facilities nationwide.[44] The TA Truck Service Commercial Tire Network was unveiled in November 2016, and includes around 1,000 truck service repair shops, approximately 3,000 truck service technicians, and around 2,000 roadside assistance and maintenance vehicles, as of September 2017.[45][46] It is considered the nation's largest independent commercial tire dealer.[47][48]

In 2017, TA created the "TA Certified" label, and partnered with auction companies to certify used truck conditions before being sold.[49] The TA Truck Service National Call Center and Emergency Road Side Assistance operations were relocated to a new facility in Westlake in September 2017. The facility houses other TA customer support staff.[50]

References

[edit]
  1. ^ a b c d e "470: TravelCenters of America". Fortune. 2018. Retrieved March 27, 2018.
  2. ^ Williams, Martin A K (2016-05-20). "Hey hey hey hey, it was the DNA". New Journal of Physics. 18 (5): 051002. Bibcode:2016NJPh...18e1002W. doi:10.1088/1367-2630/18/5/051002. ISSN 1367-2630.
  3. ^ "TravelCenters of America". Fortune. Retrieved 2018-12-31.
  4. ^ a b Vanac, Mary (2023-05-15). "Sale of TravelCenters of America to BP caps successful turnaround". American City Business Journals.
  5. ^ a b "bp leans into convenience and mobility across US, agrees to purchase leading travel center operator, TravelCenters of America". February 16, 2023. Retrieved February 16, 2023.
  6. ^ a b c d Lindenberg, Greg (November 30, 2017). "Leadership Shake-Up at TravelCenters of America". CSP. Retrieved March 27, 2018.
  7. ^ a b c Convenience Store News:
  8. ^ a b "The Largest Private Companies: #60 TravelCenters of America". Forbes. November 9, 2006. ISSN 0015-6914. Retrieved April 3, 2018.
  9. ^ a b c d e Mikolajczyk, Sigmund J. (March 24, 2000). "TravelCenters of America keeps on truckin'— moves tons of tires annually". Tire Business. Retrieved April 3, 2018.
  10. ^ a b "TravelCenters of America to be bought for $1.9 billion". Commercial Carrier Journal. September 18, 2006. Retrieved May 20, 2018.
  11. ^ "Hospitality Properties Trust Completes Acquisition of TravelCenters of America". CSP magazine. January 31, 2007. Retrieved May 20, 2018.
  12. ^ a b Suttell, Scott (June 2, 2015). "TravelCenters of America signs nearly $400 million sale leaseback deal with Hospitality Properties Trust". Crain's Cleveland Business. Retrieved March 27, 2018.
  13. ^ "TravelCenters of America acquires Petro Stopping Centers". Commercial Carrier Journal. May 31, 2007. Retrieved May 20, 2018.
  14. ^ "Petro Stopping Centers Acquired by REIT and Travel Centers of America". Convenience Store News. June 1, 2007. Retrieved May 20, 2018.
  15. ^ Suttell, Scott (August 18, 2015). "RDG Capital Fund Management urges TravelCenters of America to launch $100 million share buyback plan". Crain's Cleveland Business. Retrieved March 27, 2018.
  16. ^ Bullard, Stan (May 10, 2015). "TravelCenters is urged to sell, then lease, stores". Crain's Cleveland Business. Retrieved March 27, 2018.
  17. ^ a b c Suttell, Scott (June 16, 2016). "TravelCenters of America confirms it received, rejected a buyout offer". Crain's Cleveland Business. Crain Communications. Retrieved March 27, 2018.
  18. ^ Jarzemsky, Matt; Benoit, David (June 16, 2016). "TravelCenters of America Rebuffed Bid From Golden Gate Capital". The Wall Street Journal. ISSN 0099-9660. OCLC 781541372. Retrieved March 30, 2018.
  19. ^ "TravelCenters of America Rejected Buyout Bid". CSP. June 15, 2016. Retrieved March 30, 2018.
  20. ^ Jarboe, Michelle. "TravelCenters of America details costs of fuel-card dispute, amid litigation". The Plain Dealer. Advance Publications. Retrieved March 30, 2018.
  21. ^ Hals, Tom (September 11, 2017). "TravelCenters of America wins lawsuit vs. Comdata over merchant fees". Reuters. Retrieved March 29, 2018.
  22. ^ Jarboe, Michelle (September 12, 2017). "TravelCenters of America emerges victorious from legal fight with fuel-card provider Comdata". The Plain Dealer. Retrieved March 29, 2018.
  23. ^ Romano, Danielle (March 13, 2018). "Dispute Between TravelCenters & Comdata Still Not Resolved". Convenience Store News. Retrieved March 28, 2018.
  24. ^ a b Abcede, Angel; Lindenberg, Greg (November 2017). "Ranking the Top 40 C-Store Chains: A Year-End Review: 17. TravelCenters of America LLC". CSP. Retrieved March 28, 2018.
  25. ^ "TravelCenters Aims to Be Electronic Logging Headquarters". Convenience Store News. September 6, 2017. Retrieved March 30, 2018.
  26. ^ a b Lewis, Jackson (February 27, 2018). "TravelCenters of America to Accept Wex Fleet Cards". CSP. Retrieved March 28, 2018.
  27. ^ "TravelCenters of America Recognized for Women's Leadership". Tire Review. November 15, 2017. Retrieved April 2, 2018.
  28. ^ Jarboe, Michelle (November 30, 2017). "TravelCenters of America CEO to step down Dec. 31, after nearly 11 years in the job". The Plain Dealer. Retrieved March 29, 2018.
  29. ^ Suttell, Scott (November 30, 2017). "CEO of TravelCenters of America will leave the company at year's end". Crain's Cleveland Business. Retrieved March 29, 2018.
  30. ^ Lindenberg, Greg (December 7, 2018). "TravelCenters of America Completes Minit Mart Sale". CSP Daily News. Retrieved 2021-02-08.
  31. ^ "TA to sponsor special "truck challenge" event at select NASCAR races". American Trucker. February 22, 2018. Retrieved April 2, 2018.
  32. ^ "TravelCenters of America Sponsor NASCAR Challenge". Tire Review. February 22, 2018. Retrieved April 2, 2018.
  33. ^ Bullard, Stan (March 19, 2017). "TravelCenters buys former Catan's spot". Crain's Cleveland Business. Retrieved April 2, 2018.
  34. ^ "TravelCenters of America Reaches Out to Truckers in Need". Heavy Duty Trucking. July 21, 2017. Retrieved March 30, 2018.
  35. ^ "TravelCenters of America pulling out of Canada". FreightWaves. March 17, 2022. Retrieved January 5, 2023.
  36. ^ Hiller, Jennifer (2023-01-30). "TravelCenters of America to Add EV Fast-Charger Stations". The Wall Street Journal. Retrieved 2023-01-31.
  37. ^ "Bob Evans Joins TravelCenters' Restaurant Portfolio". Convenience Store News. April 3, 2017. Retrieved April 3, 2018.
  38. ^ Suttell, Scott (April 21, 2016). "TravelCenters of America now has Quaker Steak & Lube on its plate". Crain's Cleveland Business. Retrieved March 27, 2018.
  39. ^ a b c "TA's Quaker Steak & Lube Seeks Non-Traditional Locations". Convenience Store News. March 12, 2018. Retrieved March 29, 2018.
  40. ^ "TravelCenters of America Closes on Quaker Steak & Lube Acquisition". Convenience Store News. April 21, 2016. Retrieved April 2, 2018.
  41. ^ "TA opens first Quaker Steak & Lube Express". American Trucker. January 11, 2018. Retrieved April 3, 2018.
  42. ^ "TravelCenters Introduces Quaker Steak & Lube Express Walk-Up Concept". Convenience Store News. January 17, 2018. Retrieved April 2, 2018.
  43. ^ Lancaster, Alaina (January 29, 2018). "TA to Grow Quaker Steak & Lube Division". CSP. Retrieved April 2, 2018.
  44. ^ Jaillet, James (April 1, 2016). "A/Petro rebrands truck repair program under newly expanded TA Truck Service". Commercial Carrier Journal. Retrieved May 9, 2018.
  45. ^ Zielasko, Dave (June 13, 2017). "TravelCenters of America finds growth with commercial tire network". Crain's Cleveland Business. Retrieved March 30, 2018.
  46. ^ "TA Truck Service Moves Into New Call Facility". Convenience Store News. September 29, 2017. Retrieved 2019-10-26.
  47. ^ "TravelCenters of America Forms TA Truck Service Commercial Tire Network". Modern Tire Dealer. November 2, 2016. Retrieved April 3, 2018.
  48. ^ Mikolajczyk, Sigmund J. (November 3, 2016). "SEMA: TravelCenters of America launches 'biggest' commercial dealership". Tire Business. Retrieved April 3, 2018.
  49. ^ "TA Truck Service Turns Attention to Smaller Fleets". Heavy Duty Trucking. November 1, 2017. Retrieved March 30, 2018.
  50. ^ "New call center for TA Roadsquad". American Trucker. September 6, 2017. Retrieved April 2, 2018.
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