The American Fortress Investment Group recently attempted a takeover of supermarket chain Morrisons but it has now turned its attention to Motor Fuel Group (MFG) which is Britain’s biggest operator of independent petrol stations.
MFG operates almost 1,000 forecourts around the country and is owned by private equity firm Clayton Dubilier & Rice, which ironically ended up buying Morrisons for around £7billion in a hotly contested auction last year.
It’s thought that once an auction for MFG gets underway there would be a number of interested parties, Sky News reported. MFG sits behind only BP and Shell in the UK petrol supplier hierarchy.
And Fortress has already owned United Pacific, the largest independent operator in the US, for almost a decade.
Fortress managing partner Joshua Pack said: "The UK remains a very attractive investment environment from many perspectives, and we will continue to explore opportunities to help strong management teams grow their businesses and create long-term value."
Fortress already owns major British brands including Punch Pubs, one of the UK’s largest pub chains, and wine retailer Majestic wines.
The investor is said to be lining up advisers to work on a bid for MFG, although it is not guaranteed to table a formal offer. MFG’s value has increased 10 times since it was last bought for £500million in 2015.