Fuel forecourt retailer Applegreen said on Thursday its co-founders and a part of the Blackstone US private equity group have come together to bid to take the company off the stock market in a deal that would value it at almost €694 million.
The founders, chief executive Robert Etchingham and chief operations officer Joseph Barrett, own 41.3 per cent of the company through a vehicle called B&J Holdings. They will remain “significant equity” investors should the proposed offer – priced at €5.75 per share – be accepted by remaining shareholders, Applegreen said in a statement.
The move to take Applegreen private comes as the business grapples with Covid-19, Brexit, and an accelerating shift by motorists towards electric vehicles. It is understood that the initial bid approach was made in August.
“The Independent Directors of the Board of Applegreen confirms that it is in advanced discussions with a consortium including B&J Holdings Ltd and Blackstone Infrastructure Partners in relation to a possible cash offer for the company at a price of €5.75 per share,” Applegreen said.
“Should the transaction proceed, B&J Holdings Ltd would retain a significant equity stake in the consortium and Robert Etchingham and Joseph Barrett would maintain their current management positions as CEO and COO respectively within the business.”
The offer, which has yet to be formally tabled, represents a 48.2 per cent premium to Applegreen’s €3.88 closing share price on Wednesday. Shares in the company soared as high as €5.60 in Dublin trading.
Read more on: The Irish Times
