Boost for EVs
MFG in £2.5bn deal for Morrisons’ petrol forecourts
Motor Fuel Group has acquired 337 petrol forecourts from supermarket group Morrisons in a deal valued at £2.5 billion.
The deal will also see MFG acquire more than 400 associated sites across the UK for ultra-rapid electric vehicle (EV) charging development.
MFG will invest and install Ultra-Rapid EV charging infrastructure across the sites, significantly expanding its nationwide network.
It is targeting the installation of 800 of these chargers in hubs within the first five years alone. These chargers can add 100 miles of range in approximately 10 minutes.
Both Morrisons, the UK’s fifth largest grocer, and MFG are owned by US private equity group Clayton, Dubilier & Rice (CD&R).
The two companies will form a strategic partnership, with Morrisons taking a stake of about 20% in MFG.
“The proposed transaction will create significant synergies across fuel retail and ancillary services, as well as scale advantages and growth opportunities for both businesses,” the companies said.
Founded in 2011, MFG has become the largest UK independent fuel retailer over a decade of acquisition and organic expansion. It is now emerging as one of the UK’s largest roadside electrical vehicle charging providers through a £400m rollout of ultra fast EV chargers.
MFG non-executive director and former Scottish Chambers of Commerce president Tim Allan said: “Good business and good for the consumer.
“Thrilled that MFG acquires the petrol station network from Morrison’s for £2.5bn. We continue our growth journey in acquiring 337 forecourts from Morrisons Supermarkets and enabling us to increase and extend our EV charging network next to and in Morrison’s supermarkets.
“A huge effort for both teams at buyer and seller. We will be able to offer best in class convenience retail, competitive vehicle fuelling and superb, new “food to go” sites.”