Forecourt Retailer Applegreen Makes US Acquisition
Irish forecourt retailer Applegreen is extending its presence in the US with the acquisition of Bob Brandi Inc. and Bob Brandi Stores Inc., a forecourt retail operation based in Columbia, South Carolina.
Applegreen paid a consideration of $5.4 million for the business, with a US-based institutional investor acquiring property assets associated with the business for $70.1 million.
The transaction is expected to be completed by the fourth quarter of this year.
"We are delighted to announce our first major acquisition in the US which represents a significant milestone for our business," said Applegreen chief executive Bob Etchingham. "We consider the Brandi Group to be an excellent fit for our business given the attraction and convenience of its locations centred in the city of Columbia together with the significant component of food-to-go offers that exists within the estate."
The Bob Brandi business comprises a total of 42 sites located in or around the city of Columbia, the capital of South Carolina, including 34 forecourt filling stations and services, and eight standalone Burger King outlets.
We believe that this acquisition represents an opportunity to establish a significant presence in this market while also providing the potential for us to leverage our retail experience in this sector to enhance the current offering," said Etchingham. "It also represents an ideal platform from which to further pursue our strategy for growth along the East Coast of the US."
The current management team at the business will work with Applegreen for a period of 12 months to ensure a smooth transition.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.