Equitix, Dalmore launch US service station sale

17 January 2019 - 12:00 am UTC

Teasers have been distributed for the auction of Connecticut Service Plaza, two sources briefed on the situation said.

The business, which involves the renovation, operation and maintenance of 23 highway service areas across the southern state under a 35-year concession, generated USD 14.3m in EBITDA in 2018, said those sources. Its profit margin is in the 70% range, they added.

The sales process is expected to conclude by the end of this financial quarter.

UK funds Equitix and Dalmore acquired the business as part of its acquisition of John Laing Infrastructure Fund (JLIF) in September 2018. JLIF bought the P3 for GBP 81.7m (USD 105m) in 2016 from Carlyle Infrastructure Partners, Doctor’s Associates and Subcon.

Dalmore and Equitix hired Macquarie capital to sell the service area business after they deemed the business to be non-core.

The two UK managers are expected to use the proceeds from the sale to repay a bridge facility from Lloyds and NatWest used for the JLIF takeover and shareholder loans.

 

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