Done deal: TravelCenters exits C-store business
TravelCenters of America has officially sold its freestanding convenience stores.
The company has sold its Minit Mart convenience store business to EG Group, a privately held convenience store retailer based in the United Kingdom, for approximately $330.8 million. (The Minit Mart stores have been a part of TravelCenters’ portfolio for about five years.)
The deal includes 225 standalone convenience stores, one standalone restaurant, five parcels of land and certain related assets. The company initially announced the sale agreement in September.
The estimated net proceeds of $321.4 million after transaction related costs are expected to be used to reduce the company’s future rent and/or interest payment obligations, according to the company.
“This strategic divestment is a significant step in support of TA’s strategy to be a more focused leader in the travel center industry,” said Andrew J. Rebholz, TravelCenters’ CEO. “The sale of the convenience stores business will allow us to address the company’s leverage, focus more on our core travel centers business and thoughtfully pursue our growth programs.”
TravelCenters of America operates in 43 states and in Canada, and has standalone restaurants in 13 states.
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