TravelCenters of America to Purchase 31 Convenience Stores for $67 Million
TravelCenters of America said it will acquire from a private company 31 convenience stores with retail gasoline stations for $67 million.
The Minit Marts that TravelCenters is purchasing are mostly located in Kentucky, but three are in Tennessee. The convenience stores — or C-stores — on average have about 10 fueling islands and close to 5,000 square feet of retail space.
In 2012, the stores dispensed 38 million gallons of fuel, according to TravelCenters.
“The 31 C-stores TA has agreed to acquire are high-volume fuel locations with larger interior space for merchandise and food offerings than typical C-stores and appear to have limited need for near-term capital investment. In addition, we do not expect these C-stores to require a lengthy period to achieve stabilized financial results,” TravelCenters CEO Thomas O’Brien said in a statement.
“TA’s principal business focus is and remains operating and expanding its nationwide network of large, full-service travel centers along the U.S. Interstate Highway System that serve the U.S. trucking industry,” he said.
