Applegreen continues U.S. expansion with 46 sites

CrossAmerica will enter into a 10 year master fuel supply and master lease agreements with the Irish company in Michigan, Minnesota and Wisconsin.

Applegreen and CrossAmerica Partners LP announced that they have entered into a definitive agreement for the global roadside convenience retailer to operate 46 CrossAmerica operated retail sites in the U.S. Upper Midwest. The sites are petrol filling stations including convenience store operations.

The deal is expected to close in the third quarter of 2019 and no up-front consideration is required to be paid by Applegreen, which first entered the US market in 2014.

"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 and we are happy to expand on our existing relationship with CAP in the USA", said Bob Etchingham, Chief Executive of Applegreen.

"At the completion of this transaction, we will have dealerized all of our remaining company-operated sites and our sole focus will be on our wholesale operations partnering with strong operators to deliver our promise to the end consumer", stated Gerardo Valencia, CEO and President of CrossAmerica.