Full-service travel centre company TravelCenters of America has signed a definitive agreement with EG Group to sell its Minit Mart convenience store business for approximately $330.8m.
The deal includes the sale of 225 standalone convenience stores of Minit Mart and some other related assets.
The transaction will mark the company’s exit from standalone convenience store business, enabling it to focus on its core travel centre business.
TravelCenters will use the amount to reduce leverage and/or invest in travel centre growth initiatives.
TravelCenters chief executive officer Andy Rebholz said: “When the sale of this business is completed, TA will exit the standalone convenience store business, allowing us to increase our focus on our core travel centre operation, which we believe is a business where we have many competitive advantages.
“We plan to use the net proceeds from this sale to reduce leverage and/or invest in travel centre growth initiatives.
“We expect some of these growth initiatives may include expanding our industry-leading truck service programme and growing our nationwide network of travel centres, including investing in our recently announced TA Express travel centre format and pursuing new franchising opportunities.”
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of this year.
Citigroup Global Markets is serving as the financial advisor while Skadden, Arps, Slate, Meagher and Flom are legal advisors to TravelCenters in this transaction.