Applegreen will acquire 7 fuel service stations from the Carsley Group for a consideration of £21m which will be funded from existing Company resources
Applegreen is pleased to announce that it has reached agreement to acquire a network of seven sites from the Carsley Group, consisting of six service areas and one fuel service station in the UK (the "Business"). The service area sites are predominantly located on the major arterial route of the A1 (M).
Under the terms of the acquisition, Applegreen will acquire the Business for a consideration of £21m which will be funded from existing Company resources ("the Transaction"). The Transaction is expected to complete in early Q4 2017.
Chief Executive Officer, Bob Etchingham said "This transaction will accelerate our strategy to establish a major service area presence in the UK market, complementing our strong position in Ireland and growing footprint in the United States. The service area sites we are acquiring are well located on very busy roads with a number situated on the A1 which is a major arterial route. The assets being acquired provide a set of large and strategically important sites that can accelerate Applegreen's growth in this key marketplace. This acquisition demonstrates our commitment to enhancing our existing estate in the UK and leveraging our expertise in operating high quality service areas offerings with a strong food-to-go focus for the benefit of our customers." PWKD04082017