Debevoise & Plimpton has advised CD&R in certain aspects of its 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.

Under the terms of the transaction, approximately £500 million of structured equity has been raised through a newly created special purpose vehicle. 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.

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.

For full details, see the official release here.

Debevoise advised on CD&R’s original acquisition of MFG, as well MFG’s subsequent acquisition of 337 Morrisons petrol forecourts and more than 400 associated sites.

The Debevoise team advising CD&R was led by partners Raman Bet-Mansour and Dominic Blaxill, and included partners Jason Auerbach, counsel Jihyun Yoo, and associates Carly Hill, Yiran Ji, and Michael Keene. Finance advice was provided by partners Almas Daud, Alan Davies, Ramya Tiller and Gregg Young, counsel Margaret O’Neill, and associates Tereza Batlova, Patrick Dixon, and Jag Appleby. Tax advice was provided by partner Cécile Beurrier.