MRH and MFG combine to create UK's leading petrol station and convenience retail operator

MRH is pleased to announce that it has entered into an agreement to combine with Motor Fuel Group (MFG). The transaction is backed by Clayton Dublier & Rice, MFG’s shareholder.The transaction is valued at approximately £1.2bn.

MFG and MRH together will operate more than 900 sites, which are predominantly companyowned,franchisee-operated, and manage third-party fuel, convenience, and foodservice brands. These include fuel brands BP, Esso, Jet, Murco, Shell and Texaco and retail brands Budgens, Costa Coffee, Greggs, Spar and Subway, as well as MRH’s owned brand Hursts. On a combined basis, MFG and MRH sold approximately 3.6 billion litres of fuel in 2017.

Prior to this agreement, MRH was backed by Lone Star Fund IX.

Lazard, J.P. Morgan and Citi acted as financial advisors to Lone Star and MRH, with OC&C and PwC providing due diligence support. Weil, Gotshal & Manges provided legal advice.

Karen Dickens, Chief Executive of MRH said:

“Over the last few years we have developed MRH into one of the leading players in the sector thanks to the hard work and focus of the MRH team. The combination of MRH and MFG will create the UK’s leading service station group and one of the largest in Europe. We are delighted to have reached this agreement and look forward to an exciting future together.”

Donald Quintin, President, Europe, Lone Star, commented:

“We’re pleased to have found in MFG the right partner for MRH’s next stage of development. It’s been a pleasure to work with Karen and the whole MRH team over the last few years, and we wish them every success for the future.”

Alasdair Locke, Chairman of MFG, said:

“This is a transformational milestone for both companies that we believe will make us an even stronger partner for fuel brands and retail customers seeking convenient foodservice options. We are excited to welcome the MRH team, who share a commitment to growth and innovation, as we work together to consolidate a highly-fragmented market and continue our expansion of retail offerings across the combined estate.”

The transaction is expected to close in the second quarter of 2018, subject to customary regulatory approvals.

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