Carlyle in $178m Connecticut service station public-private partnership

The firm will invest $178m, alongside Project Service, which will be used for improvements and upgrades to the service areas and is hoped to create around 340 jobs. In total, the state is expected to receive approximately $500m in economic benefit from the redevelopment, according to Carlyle.

Project Service is an affiliate of famed sandwich chain Subway. As part of the agreement, it is said that Subway restaurants and Dunkin’ Donuts, which is owned by Carlyle, locations will be installed in the service stations. The new services will supplement existing brands such as burger chain McDonald’s.

The public-private partnership will generate major improvements for Connecticut’s highway service areas; the current facilities were built in the 1940s and 1950s and have had no significant improvements in the past 25 years.

With around $86bn under management, Carlyle is the second largest private equity firm in the business.

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