News
Sir Terry Leahy joins MFG board
Former chief executive of Tesco and current chairman of B&M European Value Retail, Sir Terry Leahy is a senior advisor to CD&R’s Funds.
The transaction, which is valued at approximately £500 million, is expected to close in July, subject to customary regulatory approvals.
The MFG management team, whose chairman is oil industry veteran Alasdair Locke, partnered with Patron in 2011 to acquire the MFG business and today, it is the number two independent petrol and convenience retailer in the UK.
Through a series of strategic acquisitions, Patron and MFG management have grown the company from 48 stations in 2011 to a current total of 373 stations operating under the BP, Shell, Texaco and Jet brands. In addition, MFG also operates a Murco-branded dealer network of more than 200 sites.
In April 2015, MFG was ranked 9th in a league table of Britain’s 100 private companies with the fastest-growing profits in the 16th annual Sunday Times BDO Profit Track 100.
Jeremy Clarke, managing director of MFG said: “We thank Patron for helping us to become one of the largest, most dynamic and profitable independent petrol and convenience retail operators in the UK and we are excited to be partnering with CD&R. The firm’s reputation for operational excellence and deep consumer and retail experience will be especially useful as we move the business forward to the next stage of profitable growth.
“We are also delighted that Sir Terry Leahy will be joining the MFG board.”
Marco Herbst, a partner at CD&R, commented: “We look forward to building on MFG management team’s success by continuing to accelerate the company’s transformation into a best-in-class petrol and convenience retailer.”
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