Private equity group CVC Capital Partners has bought a 40% stake in the motorway services provider Moto from Universities Superannuation (USS).
Moto has 45 locations throughout the country with more over 6,000 staff.
Tim Moss, CEO of Moto, said: “I am very pleased that such an experienced investor as CVC has chosen to come on board alongside USS. Its long-term capital and expertise will be important to us as we continue to build on our market leading franchise across the UK.”
Marc Boughton, managing partner and co-head of the strategic opportunities platform at CVC, commented: “Moto provides a valuable service to all motorists across the UK and is the perfect match for our Strategic Opportunities platform, with its resilient business model, secure capital structure and long-term growth opportunities. Together with USS, a longstanding partner of CVC, we look forward to working with the management to further enhance its national offering and excellent customer experience.”
Mike Powell, head of private markets group, at USS Investment Management, said: “The acquisition of Moto marked an important step in the development of USS’ direct investment strategy within private equity and I am now very pleased to welcome CVC as our partner.
“CVC Strategic Opportunities’ platform is ideally aligned to USS’s long-term investment horizon and prudent approach to capital structures. Together with the Moto management team, this new partnership will help deliver long-term, sustainable value to Moto and our members.”