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Private equity firm buys MFG

Oil tycoon cashes in with £500m petrol station sale

Alasdair LockeA chain of petrol stations chaired by Scottish oil tycoon Alasdair Locke has been sold in a £500 million deal to a US private equity firm.

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.

Patron acquired MFG in 2011, growing the number of forecourts from 48 through a series of acquisitions, including 228 sites from Murco, its biggest deal.

 

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.

 

 

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