The Global Infrastructure Group at Squire Patton Boggs has advised John Laing Infrastructure Fund Limited (JLIF) on an agreement for the acquisition of the P3 concession for 23 service plazas in the US.
The FTSE 250-listed infrastructure investment company has agreed to acquire a 100% interest in Project Service LLC, the provider of 23 highway service areas in the state of Connecticut, between New York and Boston. JLIF has purchased the interest from Carlyle Infrastructure Service Plazas, L.P. (an affiliate of The Carlyle Group), Doctor’s Associates Inc., and Subcon, Inc. The agreement was executed on 18 May.
An international team from Squire Patton Boggs, led by Roddy Devlin, Barbara Alonso and Stuart Rasley in the US and Robin Baillie and Anna LeJehan in the UK, advised long-standing client JLIF on the acquisition, which is the company’s first entry into the US P3 market and will take the total number of assets within its portfolio to 61.
Project Service LLC is the exclusive provider of Connecticut's on-highway fuel and food facilities along one of the main artery routes between New York and Boston. The concession 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. The concession required the renovation of all 23 facilities.
Andrew Charlesworth from John Laing Capital Management, Investment Adviser to JLIF, said, “We are pleased to secure our first investment in the US market, which we anticipate may represent a significant source of growth for JLIF over the medium and long term. It represents the third transaction since December 2015 in which JLIF has secured an exclusive bilateral position. We look forward to working with the experienced management team at Project Service LLC and the Connecticut Department of Transport.”
Roddy Devlin, US P3 specialist at Squire Patton Boggs, said, “JLIF has shown a strong commitment to the US P3 sector with this acquisition, bringing its extensive global experience to bear for the benefit of Connecticut drivers. The US infrastructure market is increasingly dynamic, with considerable opportunities for international investments. We are delighted to be able to support JLIF on its first entry into this important market.”
“We’re pleased to be able to assist a much-valued client, one of Europe’s largest listed infrastructure funds, in a transatlantic transaction that drew on the expertise of our global P3 and infrastructure team,” added Robin Baillie, Squire Patton Boggs European head of Infrastructure.