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# 322 Tom Love $5.78B

Random fact: The company was originally known as Musket Corporation.

Overview

Love is a co-founder and chairman Love's Travel Stops & Country Stores, a U.S. fuel and consumer products business. The Oklahoma City-based company operates a diversified chain of convenience stores, gas stations and logistics operations. It has more than 480 locations in 41 states and had revenue of $19 billion in 2017.

As of :
Last change No change
YTD change +$1.34B ( +30.2%)
Industry Retail
Biggest asset Love's Travel Stops & Country Stores
Citizenship United States
Age 82
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Tom Love's net worth of $5.78B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Love's fortune derives from Love's Travel Stops & Country Stores, which operates fueling stations and convenience stores across the U.S., as well as commodity and fuel transport businesses. The company has more than 480 locations in 41 states, according to its website.

This analysis assumes that the business is wholly-owned by the Love family and splits the fortune equally between the billionaire and his wife, Judy, a co-founder.

The company is valued based on its 2017 revenue of $19 billion, according to FactSet research, and the average enterprise value-to-sales and enterprise value-to-Ebitda (earnings before interest, taxes, depreciation and amortization) of three publicly traded companies: Casey's General Stores, Alimentation Couche-Tard and Sunoco.

Kealey Dorian, a spokesperson for Love's Travel Stops & Country Stores, said Love declined to comment on the net worth calculation.

Biography

Birthdate: 1/1/1937
Family: Married, 4 children

Born in Oklahoma City in 1937, Tom Love opened his first gas station in 1964 after serving in the Marines.

The company, originally called Musket Corporation, was started by Tom and his wife Judy, whom he married in 1960. Judy's parents provided the couple with a $5,000 loan to get started.

Musket began with a single gas station. The Loves first expansion came in 1972 when they opened a convenience store. A spike in oil prices a year later due to the OPEC embargo further emphasized the need to diversify.

The company changed its name from Musket Corporation to Love's Travel Stops & Country Stores in 1986. Over the next few decades, the business grew to include roadside-assistance hubs, fast-food franchises, hotels and a compressed natural gas-provider. The business had more than 480 locations in 41 states in May 2019, according to its website.

Love is active in Oklahoman philanthropies and education. He was inducted into the Oklahoma Heritage Association's Hall of Fame in 2000 and is a member of the Board of Trustees of St. Gregory University in Shawnee. He has four children, three of whom work at the company.

Milestones
  • 1937 Tom Love is born in Oklahoma City, Oklahoma.
  • 1960 Marries Judy Love on the day after Christmas in order to save money on flowers.
  • 1964 Opens first gas station in Oklahoma.
  • 1972 Acquires first convenience store in Oklahoma.
  • 1973 Members of OPEC announce an oil embargo, causing gas prices to spike.
  • 1981 Company opens its first interstate travel stop, on 1-40 in Amarillo, Texas.
  • 1992 Love's partners with Taco Bell and opens its first fast-food restaurant.
  • 2000 Inducted into the Oklahoma Heritage Association's Hall of Fame