Forecourt Trader - 30 years at the heart of the fuel retailing community

Applegreen moves into US mid-west with 46 new sites

John Wood ·
Applegreen chief executive Bob Etchingham
Applegreen chief executive Bob Etchingham
  (Photo:  )

Applegreen has made its first major acquisition in the mid-west of the US.

The company has agreed a 10-year lease for 46 petrol filling stations with convenience stores in the states of Michigan, Minnesota and Wisconsin, with a significant number of the sites concentrated in and close to the greater Minneapolis and St Paul metropolitan area.

No up-front consideration is required to be paid by Applegreen and the transaction is expected to be earnings accretive in 2019. Any additional capital investment in the portfolio will be funded from existing resources.

The new operation will be managed by Applegreen’s existing management team based in the north-east of the US, which will be supplemented with additional operational and finance personnel to integrate the sites into the Applegreen business.

Chief executive Bob Etchingham said: “Following significant acquisitions on the east coast of the USA in the past two years, we are delighted to announce our first major acquisition in the mid-west.

“We consider this group of sites to be a good fit for our business given the convenience of its locations centred in the large metropolitan area of Minneapolis-St. Paul. We believe that this acquisition represents an opportunity to establish a significant presence in another market in the US while leveraging our existing management and operational capabilities.”

Completion of the transaction is subject to a number of conditions and is expected to complete in the third quarter of 2019.

Want more stories like this in your inbox?

Sign up for our FREE email newsletter

Keywords:

  • Weekly
    Retail
  • Weekly
    wholesale
  • Daily
    Average
Weekly retail fuel prices: 15 July 2019
RegionDieselLPGSuper ULUL
East
East Midlands
London
North East
North West
Northern Ireland
Scotland
South East
South West
Wales
West Midlands
Yorkshire & Humber

Most read

As the smaller/family owned independent forecourt businesses continue to be acquired by the big operators, do you think now could be the right time for you to sell up?