CD&R today announces the sale of a minority stake in Motor Fuel Group (“MFG”) to a group of leading institutional investors including Apollo-managed funds and a number of CD&R’s existing limited partners. The transaction delivers significant liquidity to investors in CD&R-managed funds, while allowing CD&R to retain control and participate in MFG’s continued growth and value creation.

Under the terms of the transaction, approximately £500 million of structured equity has been raised through a newly created special purpose vehicle (SPV). The proceeds will be used to redeem a portion of CD&R’s common equity stake, while CD&R retains majority control of the business.

As a result of the transaction, an Apollo representative will join the MFG Board of Directors.  MFG’s governance structure will not change and all other existing common equity in MFG, including the approximately 21% of MFG equity held by Morrisons, is unaffected.

The transaction follows MFG’s transformative 2024 acquisition of the 337 Morrisons petrol forecourts and more than 400 associated sites, that created the UK’s leading forecourt convenience operator.

Marco Herbst, Partner, CD&R said:

“CD&R first invested in MFG and the team behind it in 2015. Over the life of our investment, MFG has transformed; quadrupling its forecourt base while developing convenience retail, food-to-go and valeting services and creating a market leading EV charging proposition. With a strong outlook across all its operations, MFG has grown into the largest independent forecourt operator in the UK. We are pleased to return substantial capital to our investors while maintaining our commitment to MFG’s continued growth and success alongside our new partners.”

Philip Cuff, Partner, Apollo, said:

“MFG is a compelling investment opportunity, with clear leadership in its core markets and strong operational performance. Apollo’s Hybrid Value franchise provides flexible, partnership-driven capital solutions, and we are delighted to support the next phase of the company’s growth in partnership with CD&R and the management team.”

William Bannister, Chief Executive, MFG said:

“Under CD&R’s ownership, MFG has become a British entrepreneurial success story, investing in jobs, critical infrastructure and the communities we serve. Our commitment remains firmly focused on delivering the highest quality customer experience, whether through upgrading our convenience retail, enhancing our food service and vehicle valeting or making significant investments in EV charging to support the UK Government’s energy transition. We look forward to working alongside CD&R and our new shareholders to take advantage of the significant opportunities ahead.”

Closing is expected in the third quarter for 2025, subject to customary closing conditions.

Contact information

For CD&R:

Rob Yates, Teneo

[email protected]

For Apollo:

Erin Clark, Apollo

[email protected]

About CD&R
Founded in 1978, CD&R is a private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes effective stewardship and resilience. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit www.cdr.com and follow the firm's activities through LinkedIn and @CDRBuilds on X/Twitter.

About MFG

MFG is the UK’s market leading independent forecourt operator, and the UK’s largest convenience retailer by number of stores, with approximately 1,300 sites across Great Britain. The Group operates a franchise model partnering with strong brands including Morrisons, Esso, BP, Shell, Murco, Texaco, and Jet as well as being host to some of the country’s leading retailers including Greggs, Londis, Subway, Budgens, Burger King, Pret-a-Manger and Costa. MFG provides vital infrastructure that supports local communities.

The acquisition of Morrisons petrol forecourts and associated sites will see MFG significantly accelerate its existing Ultra-Rapid EV charging roll-out strategy. MFG has committed to investing in excess of £400 million in 3,000 Ultra-Rapid 150kW, 300kW and 400KW EV chargers across 500 sites in the UK by 2030, and to complete its EV roll-out to all suitable remaining locations in its network by 2035.

MFG benefits from a significant real estate ownership with 89% of sites in freehold or long leasehold across the estate.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit www.apollo.com.