Hogan Lovells advises on acquisition of Connecticut Service Plazas
A team from Hogan Lovells served as legal counsel to an international consortium consisting of Applegreen PLC, IST3 Infrastruktur Global, and TD Greystone Asset Management in connection with its US$229 million acquisition of JLIF Holdings U.S., Inc. and its 100 percent subsidiary, Project Services LLC. The deal closed on September 30, 2019, following approval by the Connecticut Department of Transportation (CDOT).
The Hogan Lovells team also represented the consortium in the project financing provided by ING and KeyBank.
Project Services LLC operates 23 on-highway service plazas located in Connecticut across Interstate 95, Interstate 395, and Route 15, three heavily trafficked routes between New York and Boston. Project Services LLC has the exclusive rights along these routes in the state under a concession agreement with CDOT that currently has 25 years remaining with the potential to extend for an additional 10 years. The plazas offer essential services, including fuel, quick-service food and beverage, retail, restrooms, and other facilities. They operate 24 hours a day, seven days a week.
Houston partner David Locascio led the Hogan Lovells team that included antitrust partner Michele Harrington, based in Northern Virginia; international trade partner Brian Curran and tax partner Meg McIntyre, both based in Washington, D.C.; finance associate Kyle Hamilton, based in Houston; and finance partner Evan Koster, corporate partner Michael Szlamkowicz, and corporate senior associate Steven Palyca, all based in New York.
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