Roadchef has announced that it is being acquired by a fund managed by Macquarie Asset Management in a deal reported to be worth £900m.
Macquarie Asset Management previously owned Moto, selling it to the universities pension scheme USS in 2015, and one of its focuses is on UK infrastructure assets.
For the past seven years Roadchef, which operates 30 motorway service area (MSA) sites across the UK motorway network, has been owned by another a long-term infrastructure investor, Antin Infrastructure Partners.
Macquarie has operated in the UK for more than 30 years, opening its London headquarters in 1989. Today, it claims to be one of the largest investors in the UK, having invested and arranged more than £50bn in the country’s infrastructure in recent years.
In a statement Macquarie Asset Management said it intends to support Roadchef to develop and accelerate the rollout of fast-charging infrastructure for electric vehicles across its estate.
It added that it will also enable Roadchef to invest further in its sites, facilities, and partnerships with a number of the brands such as McDonald’s, Costa Coffee and Leon.
Mark Fox, chief executive officer of Roadchef, said: “We thank Antin for their significant support over the past years, which enabled us to implement our growth strategy and strengthen our position as a leading UK MSA operator. We are delighted to continue our growth journey with Macquarie Asset Management, who recognise our potential and will continue to invest, grow and build Roadchef.”
Gordon Parsons, a senior managing director at Macquarie Asset Management, said: “As a key part of the UK’s motorway infrastructure, we believe Roadchef has a major role to play in facilitating the transition to net zero. Its extensive network of locations across the country make it well positioned to support the fast-charging infrastructure that is key to the adoption of electric and low carbon vehicles. We look forward to working closely with the management team to develop Roadchef’s energy transition strategy and its offering for motorists.”
Mark Crosbie, managing Partner at Antin, said: “We are proud of the substantial development and strategic transformation Roadchef accomplished during Antin’s ownership. We are also grateful for the strong performance of Roadchef’s experienced management team and dedicated employees and are confident they will continue to be successful under their new owner.”