WESTLAKE, Ohio -- TravelCenters of America LLC has completed the sale of its stand-alone Minit Mart convenience-store business for an aggregate sale price of $330.8 million. The business included 225 c-stores, one stand-alone restaurant, five parcels of land and certain related assets.
The company announced in September that Blackburn, U.K.-based EG Group was purchasing the Minit Mart network. Earlier this year, EG Group acquired the 762-site c-store business in the United States from The Kroger Co., Cincinnati.
“This strategic divestment is a significant step in support of TA’s strategy to be a more focused leader in the travel center industry,” said Andrew Rebholz, CEO of TravelCenters of America. “The sale of the convenience-store business will allow us to address the company’s leverage, focus more on our core travel centers business and thoughtfully pursue our growth programs.”
The companies expect that the estimated net proceeds of $321.4 million after transaction-related costs will be used to reduce the company’s future rent and interest payment obligations. The aggregate sale price amount is subject to a customary post-closing adjustment based on the final working capital balance, but TravelCenters of America currently expects that any such adjustment will not be material, it said.
- TravelCenters of America is No. 17 inCSP’s 2018 Top 202 ranking of c-store chains by number of company-owned retail outlets.
Westlake, Ohio-based TravelCenters of America’s nationwide business includes more than 250 travel centers in 43 U.S. states and in Canada and stand-alone restaurants in 13 states. The travel centers operate under the TravelCenters of America, TA, TA Express, Petro Stopping Centers and Petro brand names and offer diesel and gasoline fueling, restaurants, truck repair services, travel and convenience stores and other services. The company’s stand-alone restaurants operate principally under the Quaker Steak & Lube brand name.