The majority shareholder of forecourt group MFG has sold a £500m minority stake to a group of institutional investors, including American investment giant Apollo.
As part of the agreement, which is expected to complete in the third quarter of 2025, Apollo will appoint a representative to MFG’s board. However, MFG’s governance structure will not change and all other common equity in MFG, including the 21% of equity held by supermarket operator Morrisons, is unaffected.
Clayton, Dubilier & Rice (CD&R), which invested in MFG in 2015 four years after a management buy-in, will retain its majority share. It says the deal will allow it to return “substantial” capital to its investors while maintaining its commitment to MFG’s “continued growth and success”.
MFG, the UK’s biggest independent forecourt group, operates over 1,200 forecourts. In 2024 it acquired 337 Morrisons petrol forecourts along with more than 400 associated sites.
Marco Herbst, a partner in CD&R, says: “Over the life of our investment, MFG has transformed; quadrupling its forecourt base while developing convenience retail, food-to-go and valeting services and creating a market leading EV charging proposition. With a strong outlook across all its operations, MFG has grown into the largest independent forecourt operator in the UK.”
Apollo partner Philip Cuff describes MFG as a “compelling investment opportunity with clear leadership in its core markets and strong operational performance”.
William Bannister, chief executive of MFG and one of the management buy-in team in 2011, says: “Under CD&R’s ownership, MFG has become a British entrepreneurial success story, investing in jobs, critical infrastructure and the communities we serve.
”Our commitment remains firmly focused on delivering the highest quality customer experience, whether through upgrading our convenience retail, enhancing our food service and vehicle valeting or making significant investments in EV charging to support the UK government’s energy transition. We look forward to working alongside CD&R and our new shareholders to take advantage of the significant opportunities ahead.”
