Debevoise & Plimpton LLP has advised Motor Fuel Group (“MFG”) in the financing and tax structuring of its £1.2 billion acquisition of MRH, the U.K.'s largest petrol station and convenience retail operator.
The transaction will create the U.K.'s largest operator by number of sites, and second largest by fuel volume. Together, MFG and MRH will operate more than 900 sites. On a combined basis, MFG and MRH sold approximately 3.6 billion litres of fuel in 2017.
MFG is owned by funds managed by Clayton, Dubilier & Rice (“CD&R”).
Alasdair Locke, chairman of MFG, will remain chairman of the combined business. Sir Terry Leahy, a senior advisor to CD&R's funds and former chief executive of Tesco, will continue to serve on the board of directors and chair the Executive Committee of the Board.
Debevoise advised CD&R in the financing aspects of its original acquisition, alongside management, of MFG from Patron Capital Partners in 2015.
The Debevoise team advising MFG on the financing aspects of the MRH acquisition was led by partner Alan J. Davies, and included associates Almas Daud and Gregg Young. Tax structuring advice was provided by partner Matthew D. Saronson.
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