Holland & Knight Represents Carlyle Infrastructure Service Plazas in $105 Million Sale of Project Service
NEW YORK (May 20, 2016) – Holland & Knight advised Carlyle Infrastructure Partners L.P., the infrastructure fund of The Carlyle Group, on the sale of Project Service LLC, the operator of 23 highway service plazas in Connecticut, to John Laing Infrastructure Fund for an equity value of $105 million. The deal, which was announced on May 19, is expected to close in the coming weeks.
Project Service operates and maintains the service areas along Interstate 95, Interstate 395 and Route 15 in Connecticut under a 35-year exclusive public-private partnership (P3) concession signed in 2009 with the State of Connecticut acting through the Connecticut Department of Transportation. The planned renovation of all of the facilities was completed in August 2015 and all 23 service areas are now fully operational.
“We are privileged to represent The Carlyle Group’s infrastructure fund in the important transition of this unique P3 property to John Laing. The renovation and revitalization of the Connecticut service plazas and the increased revenues Connecticut has received as a result is a testament to the substantial investment Carlyle and its partners, Doctor’s Associates Inc. and Subcon, Inc., have made to the state and to the benefits of creative P3 structures,” said James McDermott, leader of Holland & Knight’s Business Section.
“We turned to Holland & Knight’s international mergers and acquisitions practice because of its broad understanding of infrastructure transactions and its deep knowledge of this Connecticut concession,” said Robert Dove, managing director and head of Carlyle’s infrastructure fund.
The Holland & Knight team included partners G. Roth Kehoe, Robert Friedman and Mark Lange, of counsel Stacy Watson May and associates Alyson Pirio and Brian Hanafin.
The Carlyle Group is a global alternative asset manager with $178 billion of assets under management. John Laing Infrastructure Fund is one of Europe’s largest listed infrastructure funds, trading on the London Stock Exchange.