Private equity firm buys MFG
Oil tycoon cashes in with £500m petrol station sale
Motor Fuel Group (MFG) which has 373 outlets around the UK, has been acquired from Patrol Capital by Clayton, Dubilier & Rice (CD&R).
Locke, who made a £100 million fortune when after selling oil services group Abbot group which he founded in 1992, has a stake of just 10% in MFG and will remain at the helm of the company.
Former Tesco chief executive Sir Terry Leahy – a senior adviser to CD&R – will join the board.
CD&R was advised by Clifford Chance, Debevoise & Plimpton, EY and OC&C. Patron was advised by Travers Smith and MFG was advised by Pinsent Masons. The deal is expected to complete in July.