Type Public Industry Truck stops Founder Phil Saunders Owner National Auto/Truck Stops | Traded as NYSE: TA Founded 1972 (1972) Number of locations 249 (as of July 2014) Parent National Auto/Truck Stops | |
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Headquarters Westlake, Ohio, United States Stock price TA (NASDAQ) US$ 6.00 -0.05 (-0.83%)4 Apr, 4:00 PM GMT-4 - Disclaimer Subsidiaries TA Operating LLC, Quaker Steak & Lube Profiles | ||
TravelCenters of America is the largest full-service travel center company in the United States. The majority of customers are truck drivers. The corporate headquarters is located in Westlake, Ohio, a suburb of Cleveland. The company operates under its namesake brand and the Petro Stopping Centers brand, hence the name TA and Petro Shopping Centers. TravelCenters of America also owns the Minit Mart Foods Inc. and Quaker Steak & Lube brands.
Contents
History
TA was founded in 1972 by Phil Saunders under the name Truckstops of America. The chain was purchased later that year by the Ryder Corporation. The chain changed owners throughout the 1980s and 1990s. In 1984, TA was bought by Standard Oil of Ohio, which was bought by BP in 1987. BP later sold the chain to The Clipper Group in 1993. In 1997, Truckstops of America merged with the National Auto/Truck Stops chain, adding 112 sites, while changing its name to TravelCenters of America. Also that year, TA bought out the first chain of national truckstops, Union 76, and closed/sold most of the old truckstops. TA kept a few and changed them over to TA locations.
TA acquired a few smaller chains of stores in 1998. On August 25, 1998, the company announced it would acquire 19 Burns Bros. Travel Stops and would close two of the locations. TA also acquired the 16-location Travel Ports chain of truck stops in the Eastern United States. In the early 2000s, TA became an international chain with the acquisition of a truck stop in Woodstock, Ontario near Highway 401. To this date, it is the only international location.
On May 31, 2007, TravelCenters of America acquired rival Petro Stopping Centers Much like the later merger between Pilot Travel Centers and Flying J, T/A has continued to use both the T/A and Petro brands, though some Petros were later sold to rival chains or had their franchise contracts eliminated if they were within competition of a T/A location.
On October 4, 2007 Land Line magazine reported that the company would spend $135 million to fix up its truck stops. The work was expected to be completed by the end of 2008. In 2008, TA was listed as 395 on the Fortune 500 list. TA's main competitors include Love's Travel Stops & Country Stores and Pilot Flying J.
The company launched a line of "Goasis" travel stops designed to cater to families and other non-professional drivers. The centers include family bathrooms and a wider range of food and beverage offerings.
In mid-2014, TA acquired Minit Mart Foods Inc, a Kentucky-based chain of convenience stores from Fred Higgins for $67 million. This launched TA's buying of small gas stations to gain numbers in stores. TA acquired 184 convenience stores in 2014 and 2015, most of them operating under the Minit Mart brand name.
On November 16, 2015, the company acquired Quaker Steak & Lube immediately after Quaker Steak & Lube filed for Chapter 11 bankruptcy. TA plans to expand the company's chain of truck stops and it's standalone locations. In late March 2016 it purchased Quality State Oil's "QMart Marketplace" 17-store chain of convenience stores based in Sheboygan, Wisconsin, which were immediately converted into Minit Mart locations.
Services
TA's core business is in fuel and truck repair service. TA truck stops also have restaurants, a convenience store, an office center, and paid WiFi. Some centers provide financial services, laundry, medical services, and even religious ministry. Regular (non-truck) motorists are also welcome at TA truck stops.
TA also operates standalone convenience stores, mostly under the MinitMart brand name. Most MinitMarts have gas stations. With the acquisition of Quaker Steak & Lube, TA is now in the business of operating standalone restaurants as well.
Truck service
Most, if not all of the TA truck stops offer truck services such as tire sales and service, alignments, electrical repair, and vehicle repair and diagnosis.
Controversies
On February 27, 2006, Travelcenters of America, LLC faced a lawsuit about conspiring to refuse to process payment card transactions using the TCH electronic processing platform, and paid a $5 million settlement.