WESTLAKE, Ohio —TravelCenters of America Inc. has completed the acquisition of two travel centers for $45 million. Located along the Interstate 81 corridor in Virginia, Petro Raphine and TA Lexington have been successful TA franchise locations since 2011.
The company expects to realize significantly more cashflow from owning these locations than as franchise locations, it said, and forecasts that these locations will generate approximately $9 million of site-level earnings before interest, taxes, depreciation and amortization (EBITDA) in 2023.
The Petro Raphine site is under renovation to add 170 new truck parking spaces and greatly expand existing retail space. Following the renovation, which the company anticipates completing this summer, Petro Raphine will be one of the nation’s largest travel centers based on its nearly 900 truck parking spaces, said TravelCenters of America.
“Investing in growth through the addition of company-owned sites is one of our key priorities for capital deployment this year,” said Jonathan Pertchik, CEO of TravelCenters of America. “Located along a busy and strategic highway corridor which serves professional truck drivers, four-wheel travelers and the local communities, we expect these sites to exceed our minimum return thresholds. With the size and breadth of offerings at Petro Raphine, we are adding a flagship location to our company-owned sites and will also benefit from the experienced managers at these locations joining our company.”
- TravelCenters of America is No. 28 on CSP’s 2022 Top 40 Update to the 2021 Top 202ranking of U.S. c-store chains by store count. Watch for the full 2022 Top 202 ranking in the June issue of CSP magazine and in CSP Daily News.
Founded in 1972 and based in Westlake, Ohio, TravelCenters of America, a leading publicly traded, full-service travel center network, has more than 275 locations in 44 states and Canada, principally under the TA, Petro Stopping Centers and TA Express brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants (QSR), travel stores, car and truck parking and other services. Th company operates more than 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet and Country Pride.
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