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Travelcenters Of America Llc

TravelCenters of America LLC, [1] also doing business as TA Restaurant Group, runs travel centers and restaurants in the United States.

The company offers diesel fuel and gasoline under the TravelCenters of America, TA, and Petro Stopping Centers brands, as well as operates restaurants, truck repair facilities, convenience stores, and other services. Marcus J. Lemonis, whose other business ventures include Camping World and Good Sam, controls the company through MCL Ventures, LLC. In 2018 Berkshire Hathaway's real estate arm, McLane, took a minority position in the outfit.

A group led by investor Myron L. Sheinfeld took the company private in 1987 under the name Hospitality Properties Trust. (Sheinfeld remained a major figure in the business until his death in 2009) In 1996, Sheinfeld's group rebranded HPT as TravelCenters of America, and in 2004 it bought 52 Petro Stopping Centers, which it transformed into TAs. Prentiss Smith retired as CEO in 1999, and Thomas O'Brien, a former Conoco executive, took over.

In 2006, Hospitality bought 170 Travelodge hotels in 42 states from Accor North America, but they were sold a year later to GE Capital Franchise Finance Corp. In July 2007, Hospitality Properties Trust, the largest publicly traded real estate investment trust (REIT) specializing in travel centers, agreed to purchase TA for $2.1 billion and sell its existing travel center assets to him. [2] Three months later, the deal was dead. [3]

In March 2008, TA filed to go public again, hoping to raise $515 million. [4] In April 2010, Moody's Investors Service assigned the corporation a B2 corporate family rating with a stable outlook. [5]

In 2011, Golden Gate Capital, a private equity company, purchased TA. [6] Golden Gate took TA public the following year through a merger with Mammoth Energy, a publicly traded special-purpose acquisition company. That company, renamed TravelCenters of America after the acquired business, was listed under the ticker symbol TA. Private equity groups tend to sell their investments within a certain time period, typically 5–7 years. In 2017, TA expressed interest in purchasing rival truck-stop chain Pilot Flying J. [7] In 2018, Berkshire Hathaway's real estate arm, McLane, took a minority position in the outfit. [8] In 2020, Marcus J. Lemonis, through his holding company MCL Ventures, LLC, purchased the remaining stake in the business, taking the firm private again. [9]

[1] TravelCenters of America. (2012). TravelCenters of America Announces Completion of Merger with Mammoth Energy Partners.

[2] Homan, D. (2007, July 12). TA Travel Centers of America To Be Bought By REIT for $2.1 Billion.

[3] Puls, J. (2007, October 10). Hospitality Properties Trust, TravelCenters of America LLC End Merger Agreement.

[4] TravelCenters of America. (2008, March 10). TravelCenters of America, LLC Files Registration Statement for Initial Public Offering.

[5] Moody's assigns B2 CFR to TravelCenters of America. (2010, April 7).

[6] TravelCenters of America. (2011, December 22). TravelCenters of America Announces Acquisition by Golden Gate Capital.

[7] Funk, K. (2017, April 4). TravelCenters of America said to be interested in buying Pilot Flying J.

[8] TravelCenters of America. (2018, June 28). TravelCenters of America Announces Investment from Berkshire Hathaway's McLane Group.

[9] Hagstrom, D. (2020, September 18). Marcus Lemonis' MCL Ventures acquires TravelCenters of America.