Applegreen to acquire a 40% stake in Connecticut Service Plazas for $38m.

Applegreen, a convenience food and beverage retailer and operator of petrol forecourts and motorway service areas, agreed to acquire a 40% stake in Connecticut Service Plazas, which consists of 23 on-highway service plazas located in Connecticut across interstate 95, interstate 395 and route 15, three heavily trafficked routes between New York and Boston, for $38m. Applegreen Chief Executive Bob Etchingham said: "This transaction represents a rare opportunity to acquire a high profile service plaza concession project in one of our core regions in the United States, significantly increasing our market presence in the North East and positioning the company for further growth in this key strategic market."