Motor Fuel Group, the UK’s largest independent petrol forecourts operator, is eyeing up a reported sale.
According to Sky News, investment banks have been invited to pitch for a mandate to sell the business. MFG, which has 911 UK sites, is owned by US private equity firm Clayton Dubilier & Rice, which last year led the consortium that secured supermarket chain Wm Morrison in a £9.8bn deal.
CD&R bought MFG in 2015 from Patron Capital Partners in a deal worth around £500m, combining it with MRH, which it acquired in 2018 for £1.2bn.
Sky, which said the company could be valued at around £5bn, added that initial public offering of MFG had not been ruled, but was currently less likely than a sale.
Earlier this month, MFG said it would spend £50m installing 350 rapid vehicle chargers in 60 hubs in 2022, as part of a wider programme to invest in shift electric vehicle infrastructure.
MFG is led by chief executive William Bannister, who – with chief operating officer Jeremy Clarke and chief investment officer Tom Biggart – acquired the business in 2011 through a management buy-in.
Both MFG and CD&R have yet to comment.
