TravelCenters of America

#4494

Rank

$1.3B

MarketCap US

US United States

Country

Summary
TravelCenters of America Inc. operates travel centers, truck service facilities, and restaurants in the United States and Canada. The company's travel centers offer various products and services, including diesel fuel and gasoline, as well as nonfuel products and services, such as a range of truck repair and maintenance services, diesel exhaust fluids, full service restaurants, quick service restaurants, and various customer amenities. Its full and quick service restaurants are operated under the Iron Skillet, Country Pride, IHOP, Black Bear Diner, Fuddruckers, Bob Evans, Popeye's Chicken & Biscuits, Subway, Burger King, Taco Bell, Pizza Hut, Dunkin' and Starbuck's Coffee brands. The company's travel stores offer general merchandise, including electronics, oil and additives, hardware and tools, clothing, and cab and bunk supplies; convenience products comprise cold beverages, candy, salty snacks, and sweet treats, as well as grocery items, such as meal solutions, pet supplies, and health and beauty products; and fresh food, pre-packaged meal solutions, snacks, freshly brewed coffee, cold fountain drinks, and gifts and regional souvenirs. In addition, it operates parking space under the Reserve-It brand name. As of May 5, 2022, the company operated 276 travel centers under the TravelCenters of America, TA, TA Express, Petro Stopping Centers, and Petro brand names in 44 states in the United States, as well as in the province of Ontario, Canada; three truck service facilities operated under the TA Truck Service brand name; and one restaurant. It serves trucking fleets and its drivers, independent truck drivers, highway and local motorists, and casual diners. TravelCenters of America Inc. was founded in 1972 and is based in Westlake, Ohio.

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. . 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 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.During 2015–2017, TA remodeled 56 Minit Mart and 24 Petro or TA locations. 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. TA ranked number 17 in CSP magazine's late 2017 list of the largest U.S. convenience store chains. The company was also recognized by the Women's Forum of New York for having a board with 40 percent female representation. In November 2017, president and CEO Thomas O'Brien announced his resignation effective December 31. 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. 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. TA sold its Minit Mart brand by the end of 2018.TA partnered with Wex in February 2018 to provide fuel card services to all TA and Petro locations throughout the U.S. The company also confirmed sponsorship of the "truck service challenge" competition for the Monster Energy NASCAR Cup Series and NASCAR Xfinity Series. TA expanded its Westlake headquarters in March 2017 by purchasing a nearby building.In December 2019, Jon Pertchik was appointed as chief executive officer upon Andrew Rebholz 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. The company has been included on the Fortune 500 list for ten years, and ranks #470, as of 2018.


Mission
Our mission is to take care of all highway travelers in the finest full-service facilities on the road. And, with over 30 years of experience, TravelCenters of America has established itself as a leader in serving travelers.

Vision
TravelCenters of America’s vision is to create an unequaled customer experience by providing our customers with the best possible combination of amenities, solutions, and services.

Key Team

Mr. Peter J. Crage (Exec. VP, CFO & Treasurer)

Mr. Timothy A. Bonang (VP of Investor Relations)

Kristin A. Brown (Director of Investor Relations)

Mr. Mark R. Young (Exec. VP & Gen. Counsel)

Mr. John T. McGary Jr. (Exec. VP of Sales & Marketing)

Mr. Rodney P. Bresnahan (Exec. VP of Operations)

Ms. Sandy Rapp (Sr. VP & Chief Information Officer)


Recognition and Awards
TravelCenters of America has won numerous awards for its superior customer service, commitment to environmental stewardship, and dedication to giving back to the communities it serves. In 2017, TravelCenters won the Petro Stopping Centers Award of Excellence, which recognizes the top-performing travel centers based on customer service. Additionally, TravelCenters of America was awarded the 2017 Truckers Against Trafficking Corporate Leadership Award, which recognizes the company’s commitment to combatting human trafficking.

References
TravelCenters of America
Leadership team

Mr. Adam David Portnoy (MD & Chairman)

Mr. Jonathan M. Pertchik (CEO, MD & Director)

Mr. Barry A. Richards (Pres)

Products/ Services
Business Travel, Consulting, Food Trucks, Professional Services, Retail, Travel
Number of Employees
1,000 - 20,000
Headquarters
Westlake, Ohio, United States
Established
1993
Company Registration
SEC CIK number: 0001378453
Net Income
100M - 500M
Revenue
Above - 1B
Traded as
TA
Social Media
Fri Feb 23 2024
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