Applegreen cofounders bid with Blackstone to take company private

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 at a price of €5.75 per share.

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.

“The independent directors of the board of Applegreen confirms that it is in advanced discussions with a consortium including B&J Holdings Limited and Blackstone Infrastructure Partners in relation to a possible cash offer for the company at a price of €5.75 per share,” Applegreen said in a statement to the stock exchange.

“Should the transaction proceed, B&J Holdings Limited 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,” it said.

The offer represents a 48.2 per cent premium to Applegreen’s €3.88 closing share price on Wednesday.

[source: Irish Times online]