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BP OIL COMPANY ANNOUNCES SALE OF TRUCKSTOPS OF AMERICA

 CLEVELAND, Aug. 3 /PRNewswire/ -- BP Oil Company announced today that it has reached an agreement with an affiliate of National Auto/Truckstops Holdings Corporation for the purchase of BP's Truckstops of America chain. The agreement includes 38 truckstop properties, six franchise locations and related assets including the right to use the Truckstops of America and associated brand names. The sale is expected to close during the fourth quarter of 1993, assuming the various agreement terms are met.
 Truckstops of America will be acquired by a new wholly owned operating subsidiary of National Auto/Truckstops. National, a recently formed company organized by independent truckstop operators and institutional investors led by The Clipper Group, L.P., acquired Unocal's interstate truckstop network in April 1993. National is represented by The Clipper Group, L.P. in the Truckstops of America transaction both as an equity investor and a transaction organizer. The Clipper Group, headquartered in New York, is a private merchant banking partnership principally engaged in private equity, acquisition financings, recapitalizations and other principal transactions.
 Harrison T. Bubb, vice president of strategic development for BP Oil, said, "We are pleased to have reached an agreement with National for the purchase of our truckstop business. The sale of this business will allow us to concentrate and invest in assets which we've identified as core to our retail business."
 BP Oil Company acquired the Truckstops of America chain in 1984 from Ryder Corporation.
 -0- 8/3/93
 /CONTACT: Ginny Sinko of BP Oil, 216-586-6762, or Jeffrey Z. Taufield of KCKST and Company, 212-593-2655, for The Clipper Group/
 (BP)


CO: Truckstops of America; BP Oil; National Auto/Truckstops; The
 Clipper Group ST: Ohio IN: OIL TRN SU: TNM


AR -- CL003 -- 8837 08/03/93 11:03 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
Words:290
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