LONDON – Allen & Overy LLP has announced that it has advised Investcorp on its sale of the Welcome Break Group to Appia Investments Limited, an infrastructure investor consortium.
Welcome Break is the second largest Motorway Service Areas operator in the United Kingdom, with a portfolio of well invested sites and associated lodges, offering essential services such as petrol, food and lodging to UK motorists.
The Appia Consortium comprises of a group of experienced infrastructure investors including:
• NIBC European Infrastructure Fund I C.V. (c.53% shareholding)
• ING European Infrastructure Fund (c.29% shareholding)
• Challenger Life No 2 Limited (c.14% shareholding).
The executive management team and certain other senior managers of Welcome Break will continue to manage the company.
The Allen & Overy team was led by corporate partner Ian Lopez, assisted by banking partner David Lines, property partner Carol Hopper, associates Fiona O’Shea, Katherine Chainey, Victoria Tetis and David Christensen and trainee Edward O’Flynn.
Commenting Ian Lopez said: “We advised Investcorp on its initial acquisition of Welcome Break some years ago and have advised it on a number of transactions involving the Welcome Break group over the years. We are delighted to have advised Investcorp on its exit and we wish the Appia Consortium as well as the existing management, Rod and Nick, continued success with Welcome Break.”
For further information please contact Karen Levin ([email protected]) +44 20 3088 4341.