- Travelcenters Of America Inc TA has completed the acquisition of two travel center locations for $45 million.
- Petro Raphine and TA Lexington, located along the Interstate 81 corridor in Virginia, have been Travelcenters franchise locations since 2011.
- The company expects to generate more cash flow from owning the locations than franchise locations and forecasts about $9.0 million of site-level EBITDA in 2023.
- The Petro Raphine site, currently under renovation, will have nearly 900 truck parking spaces.
- "Investing in growth through the addition of company-owned sites is one of our key priorities for capital deployment this year," said CEO Jonathan Pertchik.
- Price Action: TA shares closed lower by 1.42% at $42.35 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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