MFG: Selling a Minority Stake To Apollo And Partners
Deal News | Aug 04, 2025 | Clayton, Dubilier & Rice, Inc.
Clayton, Dubilier & Rice (CD&R) has entered into an agreement to sell a minority stake in Motor Fuel Group (MFG) to a group of institutional investors led by funds managed by Apollo. This transaction raises approximately €500 million through a special purpose vehicle (SPV) which will be used to redeem a portion of CD&R's common equity stake in MFG. Despite this move, CD&R will retain majority control of MFG, allowing them to continue benefiting from its growth, notably its expansion in forecourt services and EV charging solutions. While this change will bring an Apollo representative onto MFG's Board, the company’s governance and operations remain largely unchanged, including the unchanged shareholding by Morrisons. This divestiture follows a strategic growth phase for MFG, highlighted by its 2024 acquisition of Morrisons’ forecourts which secured its position as the UK’s leading convenience forecourt operator. This stake sale also demonstrates CD&R’s strategy to balance liquidity for their fund investors while backing MFG’s ongoing expansion in line with evolving market dynamics.
Sectors
- Private Equity
- Energy and Fuels
- Electric Vehicle Infrastructure
Geography
- United Kingdom – MFG is the UK's market-leading independent forecourt operator.
- United States – Both CD&R and Apollo are based in the US, engaging in investment activities worldwide.
Industry
- Private Equity – CD&R is a private equity firm that specializes in investing in various industries to create long-term value and growth.
- Energy and Fuels – MFG operates in the energy sector, being the UK's largest independent forecourt operator, supplying petrol and providing convenience services.
- Electric Vehicle Infrastructure – MFG is expanding its network of ultra-rapid EV chargers as part of its investment strategy.
Financials
- €500 million – Proceeds from the sale of a minority stake in MFG through a special purpose vehicle.
- £400 million – MFG's planned investment into EV charging infrastructure across the UK by 2030.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Clayton, Dubilier & Rice, Inc. | Selling Company | Company | A private investment firm with a focus on building sustainable businesses through operational improvements. |
| Motor Fuel Group (MFG) | Target Company | Company | The largest independent forecourt operator in the UK providing petrol, convenience retail, and EV charging services. |
| Apollo Global Management | Bidding Company | Company | A global alternative asset manager providing capital solutions across the risk-reward spectrum. |
| Morrisons | Other Equity Holder | Company | Holds approximately 21% of MFG's common equity. |
| Rob Yates, Teneo | PR Contact for CD&R | People | Responsible for communications related to CD&R’s activities. |
| Erin Clark, Apollo | PR Contact for Apollo | People | Handles communications for Apollo’s investment dealings. |