TravelCenters of America

TravelCenters of America LLC

Company type	Subsidiary
Industry	Truck stops, travel centers, convenience stores, restaurants
Founded	1972
Founder	Phil Saunders
Headquarters	Westlake, Ohio , United States
Area served	United States (44 states)
Key people	Jon Pertchik (CEO), Barry Richards (President), Peter J. Crage (EVP/CFO)
Products	Truck stops, convenience retail, dining services, fuel sales, truck maintenance and repair
Number of employees	~20,000 (2021)
Parent	BP

TravelCenters of America LLC stands as the largest publicly listed company specializing in full-service truck stop and travel center operations within the United States. The enterprise manages a variety of brands including TA, Petro Stopping Centers, TA Express, and GOASIS, offering truck stops, convenience retail outlets, and dining services. Its corporate headquarters are located in Westlake, Ohio, with an operational network encompassing roughly 270 sites across 44 states and employing close to 20,000 individuals as of 2021.

In May 2023, BP completed the acquisition of TravelCenters of America, further expanding its presence in the truck stop sector.

Description and corporate affairs

TravelCenters of America (TA) primarily operates comprehensive travel centers situated along the Interstate Highway System throughout 44 states and Canada. Its business segments include the TA Restaurant Group and TA Truck Service divisions. The company’s prominent brands feature TravelCenters of America, TA, and Petro Stopping Centers. Approximately 40 restaurants that were once part of the Quaker Steak & Lube brand were sold in April 2021 for $5 million.

TA’s product and service range encompasses diesel and gasoline fuel sales, quick-service food options, truck maintenance and repair, grocery items, and convenience store merchandise. The company’s strategy centers on delivering integrated solutions tailored to meet the needs of professional drivers and travelers alike.

Executive management consists of CEO Jon Pertchik (appointed in 2019), President Barry Richards, and EVP/CFO Peter J. Crage (appointed in 2020), who collectively guide strategic direction and oversee financial results to foster business expansion.

History

Founded in 1972 by entrepreneur Phil Saunders as Truckstops of America, TravelCenters of America was among the first truck stop chains nationally. That same year, Ryder acquired the company. In 1984, Standard Oil of Ohio purchased the chain; following Standard Oil’s acquisition by BP, TA was sold to Clipper Group in 1993. The company merged with National Auto/Truckstops in 1997 and rebranded as TravelCenters of America Inc. (TA). This merger integrated TA’s operations with locations historically affiliated with Pure Oil Company, which had been rebranded from 76 stations. Expansion continued through acquisitions such as Burns Bros. Travel Stops and mergers with Travel Ports of America units. By 2000, TA managed 160 locations across 40 states, employed approximately 12,500 workers, and generated annual revenues of $1.5 billion. Oak Hill Capital Partners acquired the company that year.

TA was ranked #94 in 2005 and #60 in 2006 on Forbes’ list of largest private companies. In 2007, Hospitality Properties Trust (HPT) acquired TA for about $1.9 billion; subsequently, TA shares began trading on the American Stock Exchange. TA operated as a wholly owned subsidiary under HPT, which remained its largest shareholder as of 2015. Also in May 2007, TA purchased the operating businesses of Petro Stopping Centers and leased 40 Petro sites from HPT.

In 2015, RDG Capital Management encouraged TA to launch a $100 million stock repurchase program aimed at increasing share value while also leasing and divesting certain company-owned properties. Following this strategy shift, TA entered into a nearly $400 million sale-leaseback agreement with HPT. The following year, TA’s board declined a $540 million acquisition proposal from private equity firm Golden Gate Capital. Legal proceedings with payment processor Comdata concluded favorably for TA regarding reimbursement claims for excessive fees.

From 2015 through 2017, TA undertook renovations at numerous Minit Mart and Petro/TA locations while investing in electronic logging devices to comply with federal regulations. By late 2017, the company ranked seventeenth among U.S. convenience store chains and received recognition for gender diversity on its board of directors. Leadership changes included CEO Thomas O'Brien’s resignation at the end of 2017; Barry Richards assumed roles as president and COO, William Myers became EVP and CFO, with Andrew Rebholz appointed CEO early in 2018. By year-end 2018, TA had divested its Minit Mart brand.

Early in 2018, TA collaborated with Wex to provide fuel card services across all U.S.-based TA and Petro locations and sponsored NASCAR truck service competitions. The company expanded its Westlake headquarters in 2017 by acquiring adjacent land.

Jon Pertchik took over as CEO in December 2019 following Andrew Rebholz’s departure.

Since 2010, TA has been a leading fundraiser for the St. Christopher Truckers Development and Relief Fund, supporting truck drivers facing financial hardship due to health-related issues. The company maintained a position on the Fortune 500 list for ten consecutive years, ranking #470 in 2018.

TA operated one Canadian location until its closure in 2022 to concentrate exclusively on U.S. operations.

In January 2023, TA announced a partnership with Electrify America to deploy approximately 1,000 electric vehicle fast-charging units at around 200 TA and Petro sites over a five-year period.

In February 2023, BP agreed to purchase TravelCenters of America for $1.3 billion in cash; this transaction was finalized in May 2023.

TA Restaurant Group

TA Restaurant Group, a subsidiary of TravelCenters of America LLC, oversaw 43 national and regional dining brands with a workforce of roughly 6,200 employees as of April 2016. This segment manages close to 850 dining establishments and food outlets, including well-known names like Country Pride, Iron Skillet, and Quaker Steak & Lube. Following the Covid-19 pandemic, numerous full-service sit-down restaurants were permanently closed.

In April 2016, TA expanded its portfolio by acquiring the Quaker Steak & Lube chain, which operated about 40 locations across 12 states by 2021. The brand remains focused on growing its franchise network and launched the Quaker Steak & Lube Express walk-up concept to broaden its market reach.

TA Truck Service

The TA Truck Service division delivers nationwide truck repair and maintenance services. Established in November 2016, the TA Truck Service Commercial Tire Network encompassed approximately 1,000 service centers, supported by 3,000 technicians and 2,000 roadside assistance vehicles as of September 2017, positioning it as the largest independent commercial tire dealer in the United States.

In 2017, TA introduced the "TA Certified" initiative to verify the condition of used trucks in collaboration with auction firms. Additionally, that year saw the consolidation of its National Call Center and Emergency Roadside Assistance operations into a new facility located in Westlake, improving customer service capabilities and operational efficiency.