Casual-dining and quick-service restaurant operator sells for $1.3b

BP Products North America Inc., a wholly owned indirect subsidiary of BP, has acquired TravelCenters of America, a full-service travel-center operator, for $1.3 billion, marking one of the largest quick-service purchases since the pandemic began.

TravelCenters is the country’s largest publicly traded travel-center network, with 281 locations in 44 states and more than 18,000 employees. These travel centers, which average about 25 acres, offer a full range of facilities for vehicles and fleet trucks. In addition, the company oversees more than 600 casual-dining and quick-service restaurants across the country.  It operates nontraditional locations for some of the biggest fast-food chains in the United States, including KFC, Subway, Wendy’s, Starbucks, Dunkin’, Pizza Hut, Carl’s Jr., Dairy Queen, Burger King and Arby's. Some full-service partnerships include Bob Evans, IHOP, and Black Bear Diner. About 70 percent of TA’s total gross margin is generated by its conveni