JLIF has completed the acquisition of a 100% interest in Project Service LLC
JLIF has announced that it had completed the acquisition of a 100% interest in Project Service LLC, the provider of 23 motorway service plazas in the State of Connecticut (USA), between New York and Boston, USA.
The agreement was originally announced on 19 May 2016 and the interest was acquired from Carlyle Infrastructure Service Plazas, L.P., an affiliate of The Carlyle Group, Doctor's Associates Inc., the parent company of Subway Restaurants and Subcon, Inc., a major Subway franchisee and developer.
Rubicon provided a full suite of investment banking advisory services, including comprehensive asset valuation and thorough due diligence. Rubicon also advised JLIF on the procurement of senior debt from a syndicate of international lenders to replace Project Service’s existing lending facilities.
Commenting on the transaction, Aeneas Griffin, Managing Director of Rubicon said:
“As an independent advisory firm, Rubicon is keenly focused on providing our clients with customised advice and unwavering commitment. We are delighted to have assisted JLIF in the acquisition of its inaugural U.S. asset, utilizing our substantial experience and demonstrating the full strength and depth of our global team in both M&A and debt procurement advisory services”
The project involves the operation and maintenance of 23 highway service areas along Interstate 95, Interstate 395 and Route 15, under a 35-year exclusive concession signed in 2009 with the State of Connecticut acting through the Connecticut Department of Transport.
JLIF financed the US Dollars consideration of the acquisition with a drawdown under its revolving credit facility of £76.6 million (US$59.3 million). In mid-June 2016, with the UK referendum on EU membership pending, an expected completion date of the end of June and the consideration fixed in US Dollars, JLIF sought to hedge the risk of a 'leave vote' and acquired just over half the US Dollar consideration. This meant that any movement between Sterling and US Dollar was hedged against the remaining half of the consideration.
