Applegreen acquires 34 gas stations in South Carolina.
Ireland-based Applegreen Convenience Stores has moved into the U.S. market with the acquisition of Bob Brandi Stations in South Carolina for $5.4 million.
The Irish Times reported that Applegreen partnered with an institutional real-estate investor who will acquire property assets of the business for $70.1 million. Applegreen will fund $5.4 million from existing resources and enter into a long-term 15-year agreement with the investor to lease the properties.
The current Bob Brandi business has 42 sites located around the city of Columbia in South Carolina. Some 34 sites are gas stations, and the remainder are standalone Burger King locations.
Bob Etchingham, the chief executive of Applegreen, told the Irish Times he is looking ahead to when “growth opportunities plateau in Ireland.”