Robert Bass Firm to Buy Truck Stop Chain

Oak Hill Capital Partners, an investment firm founded by billionaire Robert Bass last year, said it would buy TravelCenters of America, the No. 1 U.S. operator and owner of highway truck stops, for $731 million. TravelCenters, which employs 13,500 people, has a network of more than 160 truck stops--featuring service stations, fast food outlets, restaurants, repair shops and showers--in 40 states. The company, based in Westlake, Ohio, had $1.5 billion in revenue last year. It is owned by a group of institutional investors, management and DaimlerChrysler’s heavy-truck unit, Freightliner Corp. TravelCenters’ management and Freightliner will keep minority stakes after the sale to Oak Hill, which said it expected to close the deal in the third quarter. Oak Hill has raised $1.6 billion for acquisitions of companies across a range of industries.

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