CrossAmerica Partners, along with its Lehigh Gas Wholesale Services Inc. subsidiary, has entered into an agreement to acquire 59 stores from fuel retailer Applegreen, located in Michigan, Minnesota, Wisconsin and Florida.
According to a filing with the U.S. Securities and Exchange Commission (SEC), the stores have been acquired from Applegreen Midwest LLC and Applegreen Florida LLC for a total consideration of $16.9 million (€15.6 million).
CrossAmerica will acquire the assets by terminating the partnership's existing lease agreements with Applegreen at the acquired locations.
This is expected to occur during the first and second quarters of 2024 and is subject to customary closing conditions.
Additionally, CrossAmerica will purchase the inventory at these locations for cash.
The terms of the Partnership's existing leases with Applegreen Midwest LLC and Applegreen Florida, LLC can be extended to 2049 and 2048, respectively, inclusive of all renewal options, according to the filing.
About Applegreen
Founded in 1992, Applegreen currently operates over 600 forecourt outlets across Ireland, the United Kingdom, and the United States. Its US stores are situated in the Midwest, the Northeast, and the Southeast regions of the latter.
In 2021, it delisted from the Euronext Growth and AIM stock exchanges, as part of its transition to a private company.
Recently, in Ireland, the business entered into a ten-year partnership with Marks & Spencer, which will see the addition of up to 60 M&S food concessions at its stores. By the end of this year, 20 such concessions are expected to be in place, the group announced in December.
Read More: Applegreen To Be Taken Private By Founders And Blackstone In €718m Deal
