Petro Stopping Centers
will be merged with TA
May 31, 2007 10:22 AM
Petro Stopping Centers has been acquired by TravelCenters of America (TA) and Hospitality Properties Trust (HPT). TA has acquired all Petro operations, including its 69 locations in 33 states. HPT has acquired substantially all of the real estate assets of Petro and leased them to TA.
The combined businesses of TravelCenters of America and Petro Stopping Centers will include more than 230 locations in 41 US states. The transaction will cause no interruption to customer service, and all existing service and loyalty program contracts will remain in place.
The combined company will be run by the existing TA management team. All Petro field operations and related staff—about 97 percent of Petro’s 5,500 employees—are expected to remain with the combined company.
Volvo Trucks North America announced that its 28.68% interest held in Petro since 1999 has been acquired by TA and HPT. The truck manufacturer received $46.3 million upon closing of the transaction.
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