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

Deal Information

Target

TravelCenters of America Inc.

Acquiror

BP Products North America Inc.

Sector

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