Sky News has reported that Clayton Dubilier & Rice (CD&R), the private equity backer of Top 50 Indie MFG, is exploring the sale of a stake in the UK’s biggest independent forecourt retailing business, in a deal that could value it at about £7bn.
Sky News says it has learnt that CDR is working with advisers to examine options for selling a large minority shareholding.
“City sources said this weekend that CD&R was expected to run a process during the coming months, with a deal anticipated later this year,” says the Sky News report. “A stake of roughly 25-30% is expected to change hands, although the final shape of any deal has yet to be determined.”
Investment bank Lazard is said to be working with CD&R on preparatory work for a minority sale.
Sky News says a previous attempt by CD&R to sell the company in 2022 was derailed, in part, by Russia’s invasion of Ukraine and a “deteriorating macroeconomic environment”. Insiders told Sky that CD&R would retain a controlling stake in MFG after any stake sale.
