225 convenience stores sell for $330m

Westlake, Ohio-based TravelCenters of America has entered a definitive agreement for the sale of TA’s Minit Mart convenience store business for approximately $330.8 million to U.K.-based EG Group.

The portfolio TA has agreed to sell includes 225 standalone convenience stores and certain other related assets. The sale will enable TA to exit the standalone convenience store business and focus on its core travel center business. TA currently expects to use the net proceeds from the sale to reduce leverage and/or invest in travel center growth initiatives.

TA expects the sale to be completed in the fourth quarter 2018.

When the sale of this business is completed, TA will exit the standalone convenience store business.

“When the sale of this business is completed, TA will exit the standalone convenience store business, allowing us to increase our focus on our core travel center operation, which we believe is a business where we have many competitive advantages,” said Andy Rebholz, TravelCenters’ CEO. “We plan to use the net proceeds from this sale to reduce leverage and/or invest in travel center growth initiatives. We expect some of these growth initiatives may include expanding our industry leading truck service program and growing our nationwide network of travel centers, including investing in our recently announced TA Express travel center format and pursuing new franchising opportunities.”