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TravelCenters of America LLC is selling its Minit Mart convenience store business for approximately $330.8 million to EG Group. The sale would separate TA from 225 standalone convenience stores and certain other related assets, enabling the Westlake-based company to focus on its core travel center 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. We plan to use the net proceeds from this sale to reduce leverage and/or invest in travel center growth initiatives," Andy Rebholz, TravelCenters’ CEO, said in a statement. “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.” TA currently expects to use the net proceeds from the sale, which should be complete in the fourth quarter, to reduce leverage and/or invest in travel center growth initiatives. The portfolio TA has agreed to sell generated EBITDA of approximately $24.5 million during the 12 months ended June 30, 2018. This EBITDA amount includes selling, general and administrative expenses that are directly associated with the portfolio of approximately $10.2 million in that same period, expenses that go away with the closing of this transaction. Based on the total sale price, TA expects to recognize an impairment charge of approximately $101.5 million in the third quarter of 2018, which brings the net cash proceeds to approximately $320.1 million. The $330.8 million total sale price includes $25.8 million of estimated net working capital items that are based on balances as of June 30, 2018. The transaction is subject to customary closing conditions. Citigroup Global Markets Inc. is acting as exclusive financial adviser to TA in this transaction. Skadden, Arps, Slate, Meagher & Flom LLP is its acting as legal adviser.