Irish forecourt retailer Applegreen acquires Brandi Group assets in US
Irish petrol forecourt retailer Applegreen has reached an agreement to acquire the trade assets of the Brandi Group in a deal that includes a forecourt retail operation in Columbia, South Carolina, US.
According to the agreement, the company will purchase the trade and certain assets of Bob Brandi and Bob Brandi Stores for $5.4m.
The proposed acquisition includes 42 sites located in or close to the city of Columbia, 34 of which are petrol stations that incorporate 11 Burger King restaurants and several other food outlets, including Subway and Blimpie.
Applegreen chief executive Bob Etchingham said: "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.
“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.”
In a separate transaction, an American institutional real estate investor has agreed to acquire certain property assets of the Brandi Group’s business for $70.1m.
Once the transaction is closed, Applegreen will strike a deal with the US-based real estate investor to lease the property assets.
Subject to a number of conditions, the transaction is slated for completion in the fourth quarter of this year.