TravelCenters of America Inc. to BP Products North America Inc.

Deal Information

Target

TravelCenters of America Inc.

Acquiror

BP Products North America Inc.

Sector

Fuel & Convenience Stores

Target Type

Public

Acquiror Type

Strategic

Advisors

Citi

Enterprise Value

$1.4B

EV / LTM Sales

EV / LTM EBITDA

4.3x

EV / Fwd EBITDA

Comparable transactions cited by the advisor, excluding the subject transaction.

EV/LTM EBITDA (Traditional Grocery) selected range: 3.7x - 6.0x

3 comps

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

WACC: 12.3% – 13.9%
Terminal method: Perpetuity growth
Terminal assumption: -1.0% – 1.0%
Forecast basis: Management Forecast
Forecast period: fiscal years ending December 31, 2023 through December 31, 2027

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Citi	12.3% – 13.9%	Perpetuity growth	-1.0% – 1.0%	Management Forecast	fiscal years ending December 31, 2023 through December 31, 2027	Open