Greenergy, the UK’s largest supplier of road fuels, has reached an agreement for Canadian company Brookfield Business Partners to take over the business with the aim of accelerating growth.

Existing Greenergy management shareholders will invest alongside Brookfield Business Partners and will retain a 15% share in the business. As part of the process all existing non-management shareholders will exit the business. There will be no change to company strategy and the current management team will remain in place.

The transaction is expected to conclude in the second quarter of this year.