USA: TravelCenters of America acquires two new locations

The company expects that one of the centres opened will be one of its largest locations in the country with roughly 900 parking spaces for trucks.

(C) TravelCenters of America

TravelCenters of America has announced the completion of the acquisition of two travel centre locations for £45 million. The sites, located along the Interstate 81 corridor in Virginia, were both previously franchise locations since 2011 but now the company has acquired them in their entirety. "Investing in growth through the addition of company-owned sites is one of our key priorities for capital deployment this year.

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," said Jonathan Pertchik, Chief Executive Officer of TA. TA expects to realise significantly more cashflow from owning the Petro Raphine and TA Lexington sites than as franchise locations and forecasts both will generate approximately £9.0 million of site-level EBITDA in 2023. The Petro Raphine site is currently under renovation to add 170 new truck parking spaces and greatly expand existing retail space. 

"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," added Pertchik. Following the renovation, which is anticipated to be completed this summer, Petro Raphine is expected to be one of the nation's largest travel centres based on its nearly 900 truck parking spaces. TravelCenters of America is celebrating its 50th anniversary this year.

The new acquisitions are part of its plans to celebrate this milestone by investing in several areas of its business.

Apart from the latest news, the retailer aims to expand restaurant options, upgrade technology and bring alternative energy resources to the marketplace.

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