Achieves Annual Target; Franchising Expected to Contribute to Growth in 2023
TravelCenters of America Inc. (Nasdaq: TA), the nationwide operator and franchisor of the TA, Petro Stopping Centers and TA Express travel center brands signed 30 new franchise agreements in 2022, reaching its annual target. The company remains focused on franchising for accelerated network growth and continues to see year over year franchise signing growth. In 2022, TA opened three new franchised sites and plans to open 20 franchised locations in 2023.
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TA Express Riverton, Illinois, a franchise location that opened in 2022. (Photo: Business Wire)
In addition, TA is focused on acquisitions for network growth. The company acquired seven existing travel centers (six with truck maintenance facilities) which began operating as TA or Petro locations in 2022, and three standalone truck service facilities, which began operating as TA Truck Service during the year.
“The success of TA’s franchise and acquisition programs is a critical component of our strategic plan, and over time will add well located facilities to better serve our guests across the country,” said Jon Pertchik, Chief Executive Officer of TA. “I am excited by meeting our 2022 target for growth in franchise sites and excited to see our new franchise partners flag their travel centers with the TA and Petro brands. Our franchise and acquisition programs, along with our success in implementing other parts of our turnaround plan, and focus on our strategic plan, are a continued sign of the success of our efforts to improve our business.”
About TravelCenters of America
TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its over 18,000 team members serve guests in 281 locations in 44 states, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists. TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.
Warning Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon TA’s present beliefs and expectations, but these statements and the implications of these statements are not guaranteed to occur and may not occur for various reasons, some of which are beyond TA’s control. For example, acquisition or franchising activity may not improve TA’s operations or financial performance, TA’s business model and execution may not be as successful in the future, and franchisees may not recognize anticipated operations and financial benefits. Investors are cautioned not to place undue reliance upon any forward-looking statements. Except as required by law, TA does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.