Applegreen deal agreed
A deal has been agreed for motorway services and forecourt operator Applegreen. As reported earlier in December by NR, Applegreen had confirmed it was in talks over a potential acquisition by a consortium comprising B&J Holdings and Blackstone Infrastructure Partners.
There are over 190 Applegreen sites across the Republic of Ireland and six in Northern Ireland.
The deal for the acquisition of Applegreen values the operator at €718.1m (£652.8m).
The consortium, called Causeway Consortium Ltd reached an agreement with the independent directors of Applegreen on the terms of a cash offer of €5.75 per share.
Daniel Kitchen, chairman of Applegreen, said: “Over recent years, Applegreen has expanded operations to develop an enviable position as a leading roadside convenience retailer across Ireland, the UK and the US, combining a unique customer proposition with an effective business model to increase resilient non-fuel revenues.
“The business has significant scope to further expand its footprint, which we believe will be best achieved in the private arena where the group can benefit from the experience and capital of Blackstone as its partner, whilst maintaining the management and wider team which have driven the business forward to date.”
Sebastien Sherman, senior managing director of Blackstone Infrastructure Partners, added: “We are honoured to partner with Applegreen’s visionary Founders, Bob Etchingham and Joe Barrett, to continue to build Applegreen’s industry-leading portfolio of roadside retail outlets in Europe and the United States. We look forward to supporting Applegreen as its team continues to innovate and expand internationally.”
The deal is subject to approval by Applegreen shareholders. Goodbody is the sole financial adviser and joint broker to Applegreen, with Shore Capital a joint broker.