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Oil giant BP buying major truck stop chain TravelCenters

Sale brings long turnaround effort to an end.

Editor’s note: This story was updated at 4 p.m. ET on Feb. 16 to include additional information.

TravelCenters of America, which operates truck stops across the country under the TA brand, is getting bought by BP America.

The price of the acquisition is approximately $1.3 billion, or $86 per share. TA stock (NASDAQ: TA) closed Wednesday at $49.44 per share.

“Today’s announcement that BP is acquiring TA for $86 per share is a result of the successful implementation of our turnaround and strategic plans,” TA’s CEO Jonathan Pertchik said in a prepared statement announcing the sale. “We have improved our core travel center business, expanded our network, launched TA to prepare for the future of alternative fuels and improved our operating and financial results, none of which we could have accomplished without the hard work and dedication of our employees at every level.”

Even before the pandemic, which pushed TA’s stock price to less than $10 per share in its early days, TA had struggled, with a stock price just above $10 per share in late 2019.

The sale will mean that all three major U.S. truck stop companies — TA, Love’s and Pilot Flying J — will be privately owned, though Pilot Flying J has a 38.6% share held by Berkshire Hathaway (NYSE: BRK.A) .

BP has established a long-term strategy that sees oil and gas exploration as declining as a percentage of the company’s operations and investment dollars. A purchase of a truck stop that is one of the biggest diesel marketers in the country might seem at odds with that strategy. 

But BP also has laid out five pillars of its future growth, and a TA acquisition fits in with several of them.

The five goals going forward, according to BP, are bioenergy, electric vehicle charging, convenience, renewables and power, and hydrogen capture and storage. 

In the prepared statement released by BP America regarding the acquisition, the company said buying TA “supports delivery” of meeting the convenience and EV charging goals and having a target of more than $1.5 billion in earnings before interest, taxes, depreciation and amortization in 2025. While hydrogen was not specified, the possibility of refueling hydrogen vehicles when and if they are commercially available at some point also could help meet a third goal of the five.

On a smaller scale, BP already has begun to provide for a truck-specific “corridor” in Europe with stations to recharge vehicles. The plan was announced last month for a stretch of highway in Germany. 

“TA’s strategically-located network of highway sites complements BP’s existing predominantly off-highway convenience and mobility business, enabling TA and BP to offer fleets a seamless nationwide service,” the BP announcement stated.

Having TA in the BP fold will “provide options to expand and develop new mobility offers including electric vehicle charging, biofuels, renewable natural gas (RNG) and later hydrogen, both for passenger vehicles and fleets.”

Gary Bevers, a longtime fuels market consultant who heads Bevers & Co., said BP’s fuel operations had been declining in volume for several years. It hindered the company’s ability to set up operations at fuel terminals around the country owned by third parties, “because nobody wants to be in a terminal unless they can be a player. They don’t want to have 1% of the market at a terminal.”

Having TA’s more than 200 outlets as end users needing supply out of a wide range of terminals wil increase the volume it needs and can help it reestablish profitable positions at those facilities, Bevers said.

BP did not respond to FreightWaves’ questions by publication time.

BP’s statement said it had 6,000 retail outlets flying the BP brand. Trends in the retail fuels market for many years have seen major oil companies sell any company-owned outlets in favor of a branded arrangement where a retail outlet “flies” a brand such as BP or Exxon. The retail outlet is required to buy what is known as branded fuel from wholesale terminals, known in the industry as the “rack.”

It was not clear whether the TA brand will remain or be rebranded as BP. 

TA has been pursuing growth through franchising in recent years, part of Pertchik’s turnaround plan. In a statement released last month, TA said in 2022 it had signed 30 new franchise agreements for TA, Petro Stopping Centers and TA Express travel centers, reaching its goal for the year. Actual openings of new franchised sites totaled three last year and are expected to be 20 this year. 

The sale of TA has been looming for a considerable period of time, according to the TA statement. Its statement said the sale is the “culmination of a comprehensive process by TA’s board.” That process featured “competitive rounds of bidding from potential buyers.”

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34 Comments

Andre cooper.

Ta truck stop use to be great good place relax get a good home cooking. 40years trucking and now fast food that very unhealthy junk food just about all the parking is reserved. I try find the mom an pops.

@Pedie Hi Pedie, I’m a foreigner on the road. I apologize if that’s insulting or disrespectful to you. But I want you to know that as a foreigner, I love this country just as much as you do, and I work in this country just as hard as you do, and I pay my taxes to this country just as much as you do, and I provide for our economy just as much as you do, and I would fight for this country just as much as you would.

I may look brown, or Pakistani, or Arab, or Muslim, or Iranian, or Afghani, or Chinese, or Korean, or Russian, or Ukranian, or some other minority if you see me on the road. But I assure you I don’t see you as a white American; to me, you’re just ‘an American’. I could care less that you were born here or that you have white or black skin or that you speak or don’t speak english the right way.

I want you to know Pedie, that I would hire you in my motor carrier company even though you’re not a foreigner like me. and I hope that you would do the same, because this country is made for you and me and everyone who believes in the American Dream my friend.

Comments are closed.

John Kingston

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TA & Petro becomes part of BP PLC on Monday

May 12, 2023

Come Monday, May 15, TravelCenters of America Inc., which operates TA, Petro and TA Express truck stops, will be a wholly-owned indirect subsidiary of British energy company BP PLC.

TravelCenters of America stockholders approved being acquired by BP on May 10. More than 72% of the shares outstanding and 93% of the total shares voted in favor of the merger.

As announced earlier , BP will acquire all of the outstanding shares of TravelCenters of America common stock for $86 per share in cash. The transaction price represents an 84% premium to TA’s average trading price over the 30 days ending Feb. 15, the date the BP merger agreement was signed.

The stockholder vote also ends efforts by a competing bidder, ARKO Corp., to acquire TravelCenters of America. Richmond, Va.-based ARKO is a large convenience store operator and fuel wholesaler. It had offered to pay $92 per share.

TravelCenters of America has a network of about 280 travel centers in 44 states that are located on major highways across the U.S. TA and Petro travel centers average around 25 acres in area and offer a full range of facilities for vehicles and fleet trucks, including more than 600 full-service and quick service restaurants, as well as truck maintenance and repair services.

Westlake, Ohio-based TravelCenters of America dates back to 1972, when it was founded as Truckstops of America. Standard Oil owned the company from 1984 to 1993, when BP acquired Standard Oil and sold TravelCenters of America. Petro Stopping Centers joined TravelCenters of America in 2007. Here is a company timeline .

BP PLC, formerly British Petroleum Co. PLC, is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and extraction, refining, distribution and marketing, power generation, and trading. The company’s origins date back to 1908, when it was founded as the Anglo-Persian Oil Co. It became British Petroleum in 1954. The name was shortened to BP PLC in 2001. LL

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Location Guides  > TA Travel Center Locations

TA Travel Center Locations

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The main section of locators here also includes fuel, rest areas, service centers, truck stops and much more. It all stems from my own travels and frustrations with finding stuff on the road.

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Truck and Travel The #1 selling and #1 rated mobile app for truck drivers is on all Apple devices. 100% Made in the USA, this is the only ad free, tablet ready truck stop app that is updated with driver comments. Where are the closest truck stops like Flying Js? Who has bulk DEF? TripPak pickup times? Where is the next service dealer or tank cleaning? How about a westbound Rest area or truck turnout? Where are low clearance bridges?

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They do not support us and we do not endorse or support these truck stops in any way. We always encourage people to support any business they choose. Many people traveling on the road these days just rely on exit signs and don't know what else is ahead. As a frequent road warrior myself, I like to look for my favorite brands and even find two close to each other for lower competitive pricing. As for overnight parking, many locations do NOT allow over night stays in parking lots due to managers or local laws. Please call ahead to be sure if you want to do this.

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Full-Service Restaurants

We have full-service restaurants located across the country. We make it easy for you to stop for a hot meal on the way to your destination.

Grandma's recipes and many contemporary favorites, created by our own corporate chef, are featured daily at our restaurants.

Country Pride

Country Pride Restaurants were founded in the heart of the Midwest with folks like you in mind. With over 100 locations coast to coast, we are proud to bring you home made flavors from across America. Stop in and enjoy a vast selection of comfort foods that are Homemade in the USA!

Iron Skillet

Since 1975, the Iron Skillet Restaurant has been cooking up fresh food served by friendly folks. With over 60 locations featuring from scratch recipe favorites, come see why Iron Skillet is VOTED BEST year after year!

Fork & Compass

at Petro Stopping Center in Perrysburg, Ohio

More than just an amazing restaurant, the Fork & Compass restaurant will become a highlight of your drive. Alongside favorites like museums or theme parks, we’re a local attraction.

"R" Place Restaurant

• Morris, IL

R-Place Restaurant opened in 1967 as the Chuck Wagon, with 100 seats. In 1987, the restaurant was re-imagined to include a more unique restaurant with antique toy displays, including a wonderful puppet show for all to enjoy. The name was then changed to R-Place. In 2007, “R” place joined the TA family

Johnson's Corner

• Johnstown, CO

Since 1952 Johnson’s Corner has been a favorite stopping place for travelers near and far. Johnson's Corner features a full service restaurant and is the home of their world famous cinnamon roll! We welcomed Johnson’s Corner to the Petro family in September, 2014.

Black Bear Diner

Black Bear Diner is an award-winning family dining concept offering bear-sized food portions at an excellent value. All Black Bear Diner restaurants feature a unique bear-inspired and log-cabin theme, designed to remind guests of time when life was a little simpler and service and quality were the cornerstones of business. 

Bob Evans Restaurants is a chain of family style restaurants founded and headquartered in Columbus, Ohio, which owns and operates 523 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. Bob Evans believed in treating strangers like friends and friends like family; and those principles are alive today at every Bob Evans Restaurant. Bob Evans Restaurants is focused on providing quality food and hospitality to every guest at every meal, each and every day.

If at first you don't pancake... pancake, pancake again. Pancakes, Crepes, Waffles & More. Everything You Love About Breakfast At IHOP®! There's One Way To Do Breakfast All Day, The IHOP® Way. Join Us Today for signature pancakes, breakfast combos, egg specialties, breakfast classics.

Fuddruckers

•Savannah, GA •Commerce, GA •Sparks, NV •Ashland, VA

Fuddruckers is known for the “World’s Greatest Hamburgers”.  We were born to create the World’s Greatest Hamburgers®. Since 1980, Fuddruckers has been obsessed with doing one thing better than anyone else. That’s why Fuddruckers is still here, 30 years later.

Fast Food Restaurants

Looking for fast food favorites on the interstate? TA, Petro and TA Express locations are home to the national quick-service and fast casual brands that you love to eat, including our very own concept,  The Kitchen. See the options available in our nationwide network.

Grab 'N Go Food Options

In a hurry?  Our travel stores and fuel buildings are known for great grab 'n go food options, from roller grill products to freshly prepared salads and sandwiches to fresh fruit.

Refresh your get 'up and go with many great on-the-go food options just grab 'n go!