MILAN – Autogrill announces that its HMSHost subsidiary has completed the disposal of all its motorway travel centre operations in Canada, consisting of three partnership interests held by HMSHost Motorways Inc. and HMSHost Motorways L.P. plus sale of the concession assets at three travel centres owned and operated by HMSHost’s SMSI subsidiary, separate from the partnerships.
HMSHost’s partner in the three partnerships, KD Infrastructure L.P. (“KDLP”), is also selling its interests.
The transaction also includes additional earn-outs based on initiatives post closing.
The purchaser, a consortium led by Arjun Infrastructure Partners Ltd. and Fengate Capital Management Ltd., has acquired the interests of HMSHost and KDLP in all 23 plazas with a contract expiration of 2060, and annual concession revenue combined of USD$111 million in FY2018.
As part of the transaction, HMSHost has agreed to a transition period to provide support services to ensure continuity of service. The HMSHost interests sold include:
- SMSI assets: 100% HMSHost ownership
- HK Travel Centres LP: 51% HMSHost ownership;
- HKSC Developments LP & HKSC Opco LP (“ProjectCo. / Opco”): 49% HMSHost ownership.
