MPK Garages’ 27 forecourts have been bought by EG On The Move for an undisclosed sum, thought to be around £65m.
The deal cements EG On The Move’s position in the Midlands, and ups its portfolio from 160 to 187 sites.
EGOTM says its newly acquired forecourts offer “a strong platform for investment”, and it intends to use them to help strengthen its EV charging and food-to-go offerings, while the sites also grant the firm access to a larger base for its EG OTM Fuel Card.
The majority of the MPK portfolio trade under Valero, Texaco and Gulf canopies and feature Nisa forecourt shops, while the deal follows EGOTM’s latest financial results, which saw it report an EBITDA of £52m on revenue of over £1bn.
The firm’s chief executive, Zuber Issa, describes MPK as “a highly respected petrol forecourt operator with a strong regional presence in the Midlands”, and calls the deal “another important step in our UK growth strategy”. EGOTM also thanks its advisers and financial partners for their work on the project.
MPK chief executive Wayne Harrand, meanwhile, comments: “Since 2018, MPK have invested in its people and its portfolio. It is fitting that our new owner has the same philosophy and is well-positioned to enhance the customer offer on the MPK sites acquired and be able to deliver long-term customer value and financial performance across the combined network.”
Harrand says that he plans to return to the industry after taking a short break fulfiling some “bucket list” trips.
