Morrisons acquired by Motor Fuel Group
Morrisons has just sold its petrol forecourts in the UK to sister company MFG for £2.5bn. Many of the over 300 sites run by Morrisons also offer food and carwash services, which are included in the deal.
After the recent Orlen-takeover in Austria this is the second ground shaking acquisition in the forecourt business in a few weeks time.
The deal will help the private equity-owned supermarket service its debt pile. Both companies are owned by US buyout firm Clayton, Dubilier & Rice.
It includes the acquisition of 337 Morrisons petrol stations (including fuel, stores and ancillary services) and more than 400 associated sites for ultra-rapid EV charging development.
“This strategic acquisition, and the resulting partnership with the highly respected Morrisons brand, is the next major growth investment for MFG”, said William Bannister, CEO of MFG in a press release. “It is anchored in the potential for us to accelerate the roll-out of Ultra-Rapid EV charging infrastructure across the UK while also giving customers a first-class retail offer,”
According to the Financial Times, Tuesday’s transaction mirrors a deal by rival private equity firm TDR last year, which jointly owns supermarket chain Asda and forecourt business EG Group with the Issa brothers. The grocer acquired 350 petrol stations and more than 1,000 food-to-go sites which were previously owned by EG Group.