Connecticut rest stop operators selling to European fund
HARTFORD — Operators of Connecticut’s 23 highway service plazas are selling their equity interest to a European infrastructure fund.
The Carlyle Group investment firm announced Thursday it’s selling Project Service LLC, the company that runs the plazas it refurbished along Interstates 95, 395 and the Merritt Parkway, to the John Laing Infrastructure Fund for $105 million.
Contracts were signed Wednesday and will be completed in the coming weeks.
In 2009, Connecticut sought proposals from private sector parties to fund, manage and design a complete overhaul of the aging plazas at no cost to the state.
The state has received more than $6 million in rental payments. That arrangement will continue with the sale.
Besides Carlyle, other sellers include Doctor’s Associates — the owner of Subway Restaurants — and a Subway franchisee.