EPIC press release:
Equity Partners Infrastructure Company No. 1 Limited (EPIC) today announced it has agreed to acquire a 17.49% stake in Moto International Holdings Limited for a consideration of £19.7 million. The acquisition price represents an EV/EBITDA multipleof 10.3x 2008 pro-forma EBITDA.
Moto is the leading motorway service area (MSA) operator in the UK, with 64 sites and 38 per cent market share. Moto provides UK motorists with essential 24/7 refuelling services, parking and bathroom facilities as well as food and retail outlets. Moto operates under an established, stable regulatory regime which ensures motorists have access to adequate services at well located MSAs to maximise safety and prevent congestion.
According to EPIC Chairman, Mr Don Walker, “Moto’s investment profile represents significant value for our investors. We are impressed by Moto’s strong management team and their proven track record of business growth.“As part of our investment, and to ensure the alignment of our shareholders’ interests with that of Moto, EPIC will be represented on the board. We look forward to working with the team at Moto,” he said.
Mr George Kerr, Chairman of Equity Partners Asset Management said, “Since acquiring an interest in Thames Water we have looked at over 50 infrastructure investments, on behalf of EPIC. Moto is a stand-out opportunity for EPIC, particularlygiven the supportive regulatory regime. We are very happy with the acquisition.”
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Brownfield, Greenfield, Public-Private Partnerships (PPP), Private Finance Initiative (PFI), Private Infrastructure Funds, Listed Infrastructure Funds, Infrastructure Investments
