TravelCenters of America Rebuffed Buyout Overture
Truck stop operator TravelCenters of America confirmed June 16 it had rejected a nonbinding letter in December from a private equity firm asking to have confidential discussions about that firm possibly buying TA.
TA made the June disclosure in response to media reports, the public company said.
Its board responded to the possibility of a buyout by saying the interests of TA were best served by pursuing TA's existing business plans, the Westlake, Ohio-based travel plaza operator said.
The U.S. truck stop industry has three large chains and many smaller participants.
TravelCenters of America — the smallest of the three — had 255 stations as of March 31, according to the company’s latest filing with the Securities and Exchange Commission. TA bought Petro Stopping Centers in 2007.
The largest of the three, Pilot Flying J, has about 550 travel plazas, according to its website. Pilot Travel Centers and Flying J joined in 2010.
Love’s Travel Stops ranks No. 2 with about 360 locations in 40 states, the Oklahoma City-based company said.
