The private equity owner of Britain’s biggest independent petrol forecourts operator, Motor Fuel Group, has selected four banks to oversee a £5 billion ($6.76bn) sale.
Clayton Dubilier & Rice (CD&R), is lining up Citi, Deutsche Bank, Goldman Sachs and Royal Bank of Canada to sell MFG, according to Sky News.
MFG said it plans to spend £50m in 2022 on installing 350 rapid vehicle chargers across its network, with the company expanding rapidly since it was first acquired by CD&R in 2015 from Patron Capital Partners in a deal worth about £500 million.
In 2018, CD&R paid £1.2bn to add MRH, the market leader, creating a group operating under fuel brands such as BP and Shell with profits reportedly rising 10-fold since the original acquisition.
Read more: The National News
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.