The owners of Moto, one of the largest operators of motorway service stations in Britain, have announced their plans to put the company up for sale for a reported price of over £2 billion. According to sources familiar with the matter, CVC Capital Partners and the Universities Superannuation Scheme (USS) have hired Rothschild to lead the auction process for Moto, a company they have jointly owned since 2015.
The auction is expected to begin later this year, with analysts predicting that the company could potentially fetch a value of up to £3 billion, depending on the level of interest from potential buyers. Moto, known as the UK’s leading motorway service area operator, currently operates numerous sites across the country. It has also established partnerships with prominent companies such as Tesla, owned by Elon Musk, for electric vehicle charging, as well as catering partners such as KFC and Pret a Manger.
CVC and USS became joint owners of Moto in 2015, following the acquisition of a 40% stake by CVC. Despite the challenges posed by the COVID-19 pandemic, Moto has managed to rebound financially and has shown promising growth. In the 52 weeks leading up to December 28, 2022, the company reported a 34% increase in turnover, reaching £1.06 billion. In the same financial year, Moto also raised £835 million in long-term debt to strengthen its balance sheet.
CVC, which recently made its debut on the stock market in Amsterdam, has declined to comment on the potential sale of Moto. However, with the company’s strong financial performance and promising future prospects, it is expected that there will be significant interest from potential buyers in the upcoming auction.
