Irish company Applegreen is expanding its influence across Connecticut.
An Irish company has purchased a stake in 23 service stations across Connecticut. Applegreen is a favorite for Irish travelers, providing service stations across the country for tourist stop-offs, lorry drivers and everyone in between.
The company has now purchased a 40 percent stake in 23 service plazas on I-95, I-395 and Route 15 in Connecticut. They will be taking control of their operation of Project Services LLC., which currently operates the service plazas, along with a consortium of partners. Applegreen and the consortium also take control of Project Services LLC parent holding company, JLIF Holdings.
“Project Services LLC has the exclusive rights along the routes in the State under a concession agreement with the Connecticut Department of Transport which currently has 25 years remaining, with the potential to extend for a further 10 years,” officials said.
“The plazas offer essential services including fuel, quick-service food and beverage, retail, restroom, and other facilities, operating 24 hours a day and 7 days a week. Approximately 91% of revenue generated by CT Service Plazas is from long-term anchor tenants including McDonald's, Dunkin’ Donuts, Subway and Alliance Energy.”
According to the press release, the consortium will “acquire a 100% shareholding in CT Service Plazas for an enterprise value of $229 million including a total Consortium equity consideration of $129.6 million (excluding leakage to completion).”
“This transaction represents a rare opportunity to acquire a high profile service plaza concession project in one of our core regions in the United States, significantly increasing our market presence in the North East and positioning the company for further growth in this key strategic market,” Chief Executive Bob Etchingham said in the release.
The agreement still must be approved by the Connecticut Department of Transportation.
H/T: New Haven Register.