Motor Fuel Group is eyeing further acquisitions in the forecourt sector in a bid to become “the UK’s most dynamic and profitable independent forecourt operator.”
It comes as the group this week acquired Murco, which had been up for sale for four years, from US giant Murphy Oil for an undisclosed sum.
The deal adds 228 company-owned forecourts and a dealer network of more than 200 sites to Motor Fuel Group’s current estate of 60 sites.
“From day one of this business, our plan has remained the same - to become the UK’s most dynamic and profitable independent forecourt operator. This acquisition puts us well on the way to achieving this,” Motor Fuel Group MD Jeremy Clarke told The Grocer.
He added that Motor Fuel Group was “always looking for opportunities” to expand its network and that “opportunities still exist in the forecourt sector.”
Clarke also revealed that following completion of the deal, expected by 30 September, MFG would review and evaluate its network. “The management team’s experience of both companies is a great asset that we can use.”
All of the forecourts will continue to offer fuel under the Murco banner. The forecourt stores on the company-owned sites will also continue to operate under the Costcutter fascia. Motor Fuel Group’s sites operate under the BP, Total and Jet brands.
Motor Fuel Group was acquired by private-equity firm Patron Capital Partners in December 2011 in a joint venture with oil industry veteran Alasdair Locke. In a separate deal, it also bought 54 Murco sites in August last year.
On the new deal, Stephen Green, senior partner at Patron Capital, said: “The signing of this agreement supports our stated objective to grow Motor Fuel Group into a significant force in the UK forecourt sector.”