Travelcenters Of America Acquires Two Franchise Locations For $45M

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.