Mergers & Acquisitions

Applegreen Acquires 42 C-Stores in South Carolina

Will enter into an agreement with real-estate investor to lease the property assets

COLUMBIA, S.C. -- Irish retailer Applegreen PLC has agreed to acquire The Brandi Group, which operates the 42-unit Pitt Stop convenience-store chain based in Columbia, S.C.

Applegreen will acquire the trade and certain assets of Bob Brandi Inc. and Bob Brandi Stores Inc. for $5.4 million, including working capital, and a U.S. institutional real-estate investor will acquire certain property assets of the business for $70.1 million.

Upon completion of the transaction, Applegreen will enter into a long-term agreement with the unnamed real-estate investor to lease the property assets. The deal is subject to conditions and, pending satisfaction of those conditions, the parties expect to complete the transaction in fourth-quarter 2017.

The 42 sites are located in or near Columbia; 34 of these sites are gas stations that incorporate 11 Burger King restaurants and a number of other food offers, including Subway and Blimpie. The business also operates eight stand-alone Burger King sites.

The current owner has committed to working with the existing management team for the first 12 months to ensure an orderly transition of operations to Applegreen. The company will supplement those existing resources with additional Applegreen finance and operational personnel to ensure a successful integration of the business.

Dublin-based Applegreen has 155 sites in Ireland, 77 in the U.K. and 11 in the United States. Applegreen subsidiary Petrogas Group U.S. Inc., Plainview, N.Y., operates the U.S. sites.

The Brandi Group was established in Lexington, S.C., in 1974.

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