Patron Capital sells Motor Fuel Group in £500 mln (€684 mln) transaction (UK)

Clayton, Dubilier & Rice, and Patron Capital Partners today announce that funds managed by CD&R will be partnering with the management of Motor Fuel Group to acquire the Company from Patron in a transaction valued at approximately £500 mln (€684 mln). The transaction is expected to close in July, subject to customary regulatory approvals.
MFG, acquired by Patron in 2011, is the number two independent petrol and convenience retailer in the UK. Through a series of strategic acquisitions, Patron and MFG management have grown the Company from 48 sites in 2011 to a current total of 373 sites, in addition to operating a dealer network of more than 200 sites.
These locations operate under the BP, Shell, Texaco and Jet brands and have retail partnerships with Costcutter and Costa Coffee. The Company generated over £1bn of pro forma sales in 2014, and was this year ranked ninth in the Sunday Times Profit Track 100 list, which ranks private companies by profit growth.
Alasdair Locke will remain Chairman of MFG. Sir Terry Leahy, a Senior Advisor to CD&R’s Funds, former chief executive of Tesco and current Chairman of B&M European Value Retail, will join the board as well.
CD&R was advised by Clifford Chance, Debevoise & Plimpton LLP, Ernst & Young and OC&C.
Patron was advised by Travers Smith and MFG was advised by Pinsent Masons.
Source: Patron Capital