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Applegreen Achieves €300m Valuation Following Investor Backing

Applegreen has achieved a market capitalization of €299.7 million, following the backing of a number of investors.

The forecourt business secured €70 million worth of backing from AXA Framlington, a specialist investment management company within the AXA Investment Managers Group, and US-based Fidelity Investments.

Following the investment, Fidelity Investments will own 3.2% of the shares in the company, while AXA Framlington will own 6.7%.

Some 69.4% of the shares are held by B&J Holdings Limited, a company controlled by Applegreen owners Joe Barrett and Bob Etchingham.

The forecourt operator is floating on both the AIM (part of the London Stock Exchange) and ESM (part of the Irish Stock Exchange).

In a statement in May, Applegreen's Bob Etchingham said that "the intended IPO will enable us to execute on our growth strategy and further expand and rebrand our portfolio of sites. I am enthusiastic about our future, and look forward to the next stage of our growth as a listed company."

© 2015 - Checkout Magazine by Stephen Wynne-Jones

 

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