Applegreen acquires majority stake in Welcome Break
They will fund the purchase with a new €300 million debt facility and a €100 million equity fundraise.
Applegreen has announced that it has agreed to buy a 55% holding in Welcome Break from NIBC's European Infrastructure Fund for €361.8 million (£322 million).
The move will add Welcome Break's 26 service stations and 29 hotels to Applegreen's portfolio, which already consists of 97 sites in the country.
Applegreen is expected to fund the purchase with a new €300 million debt facility and a €100 million equity fundraise.
"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. We look forward to continuing to grow the Welcome Break business and to offering the c. 85 million customers who visit Welcome Break each year the very best experience on UK motorways," Applegreen CEO Bob Etchingham said.
(Photo credit: Applegreen Facebook page)
