Forecourt retailer Euro Garages has secured the backing of investment firm TDR Capital in a deal which values the business at £1.3bn.
Founding family members Mohsin and Zuber Issa will continue to run the group, which has a portfolio of more than 340 sites, and remain majority shareholders.
TDR already owns European Forecourt Retail Group (EFR) and it is understood that the firm is exploring options to combine the two petrol forecourt businesses ahead of a stock market flotation.
Founded in 2001, Blackburn-headquartered Euro Garages has grown from a single site in Bury in the North of England to become one of the largest independent forecourt operators in the UK.
Revenues jumped 47% to £646m in the year to 31 July 2014, mostly the result of adding 48 new sites to the estate. Profits also surged 67% to £30m.
It currently manages sites under BP, Esso and Shell fuel brands and has developed partnerships with brand partners such as Starbucks, Subway, Burger King, Spar and Greggs.
The business bagged a £100m-plus finance package in July to support its latest acquisition spree, which included more than 170 Esso and Shell sites.
Mohsin Issa said: “Over 15 years we have built our business and a strong position in the UK forecourt retail market with our superior customer offer supported by partnerships with leading convenience and food-to-go brands. TDR understand our business and have significant experience in our sector so are the perfect investment partner as we continue to develop our proposition.
“This is an exciting new phase for the business and we look forward to working with TDR to grow our business further in the UK and internationally.”
TDR Capital, founded in 2002 by Manjit Dale and Stephen Robertson, has more than €4.8bn of committed capital across its three European buyout funds. The minority investment in Euro Garages is its second deal in the petrol forecourt sector following the acquisition of EFR. Formerly Delek Europe, EFR is one of the largest independent fuel marketing and convenience retail operations in Europe, comprising more than 1,100 retail sites primarily in Benelux and France.
Euro Garages and the Issa family were advised by Rothschild and Eversheds, with Linklaters providing legal advice to TDR.