TravelCenters of America Votes to Become a Corporation
WESTLAKE, Ohio — TravelCenters of America (TA) is dropping the LLC.
The board of directors for the travel center operator unanimously approved a plan to convert from a Delaware limited liability company, or LLC, to a Maryland corporation. The change requires certain regulatory approvals and TA expects to complete the conversion before the end of 2019.
The board vote came during TA's 2019 Annual Meeting of Shareholders on May 23.
"Today we announce TA's intent to convert from an LLC to a corporation. The TA board of directors believes this conversion will make it easier for a broader group of investors to own TA stock, including by enabling possible index eligibility for TA," said Andy Rebholz, CEO and managing director of TA.
Westlake-based TravelCenters of America's business includes travel centers in 43 U.S. states and in Canada, and standalone restaurants in 14 states. Its travel centers operate under the TravelCenters of America, TA, TA Express, Petro Stopping Centers and Petro brand names.
TA's standalone restaurants operate principally under the Quaker Steak & Lube brand name.