TravelCenters of America

TravelCenters of America (TA) is an operator of truck stops and travel centers in the United States,[1] with approximately 250 full service locations along the Interstate Highway System in 43 U.S. states and in Canada, plus standalone convenience stores and restaurants in more than 10 states, as of 2018.[3][4] The publicly traded limited liability company is headquartered in Westlake, Ohio and employs more than 20,000 people.[1]

Divisions of TA include TA Restaurant Group and TA Truck Service. Brands include TravelCenters of America, TA, Petro, and Petro Stopping Centers; approximately 250 convenience stores and restaurants generally operate under the Minit Mart and Quaker Steak & Lube brands, respectively.[4][5] 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.[3]

Andrew Rebholz became chief executive officer (CEO) in 2018. In November 2017, Barry Richards was appointed president and chief operating officer, and William Myers was named executive vice president (EVP), chief financial officer (CFO), and treasurer.[4]

A Travel Center in Maybrook, New York, 2009

TravelCenters of America was established by Phil Saunders in 1972 as Truckstops of America.[6] The company was among the first truck stop chains in the nation, and was purchased by Ryder later that year.[7] 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.[7] The chain merged with National Auto/Truckstops in 1997, resulting in the new name TravelCenters of America Inc. (TA).[7] In the late 1990s, TA purchased seventeen Burns Bros. Travel Stops, then merged with over a dozen units of Travel Ports of America.[7] By 2000, the company had 160 locations in 40 U.S. states, 12,500 employees, and annual sales of $1.5 billion.[7] TA was acquired by Oak Hill Capital Partners in 2000.[8]

TA ranked #94 and #60 on Forbes' list of the largest private companies in 2005 and 2006, respectively.[6] In 2006, Hospitality Properties Trust (HPT) agreed to acquire the company for approximately $1.9 billion.[8] The acquisition was completed in January 2007, and TA shares started being traded on the American Stock Exchange on February 1.[9] TA continued operating as a fully owned subsidiary of HPT, which continued to be TA's largest shareholder, as of mid 2015.[10] In May 2007, TA acquired the operating businesses of the El Paso-based Petro Stopping Centers, and leased 40 Petro locations from HPT.[11][12]

RDG Capital Management encouraged TA to implement a $100 million share repurchase plan in 2015 to increase its stock price,[13] in addition to leasing and selling more company-owned properties.[14] TA elected to sign an approximately $400 million sale leaseback deal with HPT.[5][10] 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.[5][15][16] TA filed a lawsuit against Comdata in November in response to the payment processor provider's allegations that TA breached agreements.[17] 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.[18][19] The court's final ruling is pending, as of March 2018.[20]

Hillsboro Travel Center, 2018

During 2015–2017, TA remodeled 56 Minit Mart and 24 Petro or TA locations.[21] 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.[22] TA ranked number 17 in CSP magazine's late 2017 list of the largest U.S. convenience store chains.[21][23] The company was also recognized by the Women's Forum of New York for having a board with 40 percent female representation.[24] In November 2017, president and CEO Thomas O'Brien announced his resignation effective December 31.[25][26] 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.[3][4] Adam Portnoy replaced O'Brien as the board's managing director. Andrew Rebholz became CEO in early 2018, having previously served as EVP, CFO, and treasurer.[3][4]

TA partnered with Wex in February 2018 to provide fuel card services to approximately 500 TA locations throughout the U.S.[23] The company also confirmed sponsorship of the "truck service challenge" competition for the Monster Energy NASCAR Cup Series and NASCAR Xfinity Series.[27][28] TA expanded its Westlake headquarters in March 2017 by purchasing a nearby building.[29]

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.[30] The company has been included on the Fortune 500 list for ten years, and ranks #470, as of 2018.[1]