Rubicon acted as the exclusive buy-side M&A and financial advisor on the acquisition of Project Service LLC, a concessionaire responsible for the operation and maintenance of 23 commercial service area facilities located along I-95, I-395 and Route-15 in Connecticut, USA.
Project Service LLC entered into a 35-year PPP concession agreement with the State of Connecticut to redevelop, operate and maintain the 23 service areas. Over the course of 6 years, the Concessionaire refurbished each of the plazas to a high specification.
The acquisition took place through a negotiated process whereby Rubicon led the negotiations with the vendor.
Additionally, Rubicon undertook a complex analysis of the business and in particular the revenue projections, which included fixed and variable payments under both long-term and short-term lease structures. Rubicon also led the SPA negotiations and the closing process which provided the acquirer with important protection and indemnities.
As Financial Advisor, Rubicon was responsible for negotiating and securing acquisition finance for the transaction. Rubicon structured the credit and hedge agreements and attracted orders from international lenders to replace certain of the existing lenders on improved terms.