Applegreen acquires majority stake in UK motorway service area operator
Petrol station business Applegreen is to acquire a majority stake in UK motorway service area operator Welcome Break for €362m .
The Welcome Break portfolio consists of 24 motorway service areas, two trunk road service areas, as well as 29 hotels across 35 locations in the UK.
Its sites are open 24 hours a day, 365 days a year, and attract around 85 million motorway customers each year.
"We were attracted to Welcome Break because of the strength of its franchise, the excellent management team and the committed staff at each of its 35 locations,” Bob Etchingham, CEO of Applegreen said.
“We look forward to continuing to grow the Welcome Break business and to offering the 85 million customers who visit Welcome Break each year the very best experience on UK motorways."
The acquisition, which will be financed through a new debt facility of €300m and a proposed equity fundraising of a minimum of €100m, significantly broadens Applegreen's motorway service area network.