Business

Tuesday 6 December 2016

Applegreen expects to raise €70m in float on Irish and English markets

Published 28/05/2015 | 07:21

An Applegreen station
An Applegreen station

Applegreen, Ireland's largest independent petrol station operator, is to float on Dublin’s ESM and London’s AIM with the intention of raising about €70m.

  • Go To

It is expected that it will take place in the second half of June.

The placing will also include a partial sale of ordinary shares held by an entity directly controlled by company founders Bob Etchingham and Joe Barrett, as well as a sale by a member of the Group’s senior management team.

Immediately following the float, Applegreen expects to have a free-float of at least 25pc of the company’s issued share capital, valuing the business at around €280m.

The company, which has more than 150 sites across the UK and Ireland, is planning to fund the purchase of more petrol stations from rivals during a period of industry consolidation.

As of the end of last year Applegreen had about 2,200 staff across its 152 sites, almost 100 of which are in Ireland while 54 are in the UK and two in the US.

The company, which had sales of nearly €1bn of sales and adjusted earnings before deductions of just under €23m last year, is geared up to open another 20 sites across the UK and Ireland a year following its initial public offering.

Bob Etchingham, CEO of Applegreen, said that the company is “well positioned to benefit from recovering economic growth and increased disposable income in the Republic of Ireland and the UK, as well as favourable market trends as the oil majors exit the forecourt market.”

He added: The intended IPO will enable us to execute on our growth strategy and further expand and rebrand our portfolio of sites.”

Online Editors

Read More

Promoted articles

Editors Choice

Also in Business