Forecourt retailer Applegreen has agreed a deal to buy a leasehold interest in some assets of US-based Lehigh Gas Wholesale, CrossAmerica Partners and their affiliates.
The businesses are located in the states of Michigan, Minnesota and Wisconsin and marks Applegreen's first major acquisition in the American mid-west.
Under the terms of the deal, 46 sites are being leased with a significant number of these concentrated in and close to the greater Minneapolis and St Paul metropolitan area.
All of the sites are petrol filling stations which currently include convenience store operations.
Applegreen said the deal is expected to be earnings accretive in 2019 and any additional capital investment in the portfolio will be funded from existing resources.
Applegreen's chief executive Bob Etchingham said the group of sites to be a good fit for its business given the convenience of its locations centred in the large metropolitan area of Minneapolis-St. Paul
"We believe that this acquisition represents an opportunity to establish a significant presence in another market in the USA while leveraging our existing management and operational capabilities," the CEO added.
Applegreen also has operations on the east coast of the US.
Shares in the company moved higher in Dublin trade today.
