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 ' TravelCenters of America is headquartered in Westlake, Ohio, operates in 44 U.S. states, and employs nearly 20,000 people, as of 2021.
In May 2023, BP Products North America Inc., a wholly-owned indirect subsidiary of BP plc acquired the company.
Description and corporate affairs
TravelCenters of America (TA) is an operator of truck stops and travel centers in the United States, 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. The publicly traded limited liability company is headquartered in Westlake, Ohio and employs nearly 20,000 people.
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. (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 serves as president, and in 2020, Peter J. Crage was named executive vice president (EVP), chief financial officer (CFO), and treasurer.
History
TravelCenters of America was established by Phil Saunders in 1972 as Truckstops of America. The company was among the first truck stop chains in the nation, and was purchased by Ryder later that year. 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. The chain merged with National Auto/Truckstops in 1997, resulting in the new name TravelCenters of America Inc. (TA). In the late 1990s, TA purchased seventeen Burns Bros. Travel Stops, then merged with over a dozen units of Travel Ports of America. By 2000, the company had 160 locations in 40 U.S. states, 12,500 employees, and annual sales of $1.5 billion. TA was acquired by Oak Hill Capital Partners in 2000.
TA ranked #94 and #60 on Forbes list of the largest private companies in 2005 and 2006, respectively. In 2006, Hospitality Properties Trust (HPT) agreed to acquire the company for approximately $1.9 billion. The acquisition was completed in January 2007, and TA shares started being traded on the American Stock Exchange on February 1. TA continued operating as a fully owned subsidiary of HPT, which continued to be TA's largest shareholder, as of mid 2015. In May 2007, TA acquired the operating businesses of the El Paso-based Petro Stopping Centers, and leased 40 Petro locations from HPT.
RDG Capital Management encouraged TA to implement a $100 million share repurchase plan in 2015 to increase its stock price, in addition to leasing and selling more company-owned properties. TA elected to sign an approximately $400 million sale leaseback deal with HPT. 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. TA filed a lawsuit against Comdata in November in response to the payment processor provider's allegations that TA breached agreements. 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. The court's final ruling is pending, as of March 2018.