Clayton, Dubilier & Rice (CD&R), the private equity majority owner of Top 50 Indie MFG, has chosen not to comment on reports from Sky News regarding a potential sale of a significant minority stake in the forecourt retailing business. CD&R has been the controlling shareholder of MFG since 2015, following a management buy-in in 2011.

According to Sky News, CD&R is nearing an agreement with Apollo Global Management, a US-based investment firm, with an announcement expected soon after months of discussions with various investors. MFG has been rapidly expanding its footprint in the electric vehicle charging sector, which has attracted considerable interest from potential investors.

The report indicates that Apollo's investment could range from 25% to 30%, while CD&R would maintain a controlling interest in MFG, which is valued at approximately £7 billion. Over the past decade, MFG has transformed from a mid-sized player to the largest independent petrol retail operator in the UK, boasting over 1,200 sites.

Under the leadership of CEO William Bannister and COO Jeremy Clarke, MFG has also become the second-largest ultra-rapid charging provider in the UK, with more than 1,000 chargers across 170 hubs. The company aims to increase this number to 3,000 by 2030, alongside enhancing its high-margin foodservice offerings.

MFG's growth trajectory has been impressive, expanding from fewer than 50 sites 14 years ago. A significant boost came last year when it acquired 337 forecourts from Morrisons, a supermarket chain also owned by CD&R, which took a 20% stake in MFG as part of the deal.

In a previous interview, Bannister emphasized that while he is open to further site expansion, his primary focus is on investing in the existing infrastructure of the company. Both Apollo and MFG have refrained from commenting on the potential transaction.