11 March 2022
We advised the management team of Roadchef, the UK’s third largest motorway services areas (MSA) operator, on the sale of the business by Antin to a fund managed by global asset manager, Macquarie Asset Management.
Roadchef is a leading UK MSA operator with 30 locations across the UK motorway and A road network serving over 52 million customers every year. As the only permitted commercial presence on motorways, MSAs provide essential services to motorists, including rest areas, toilets, food and beverage outlets, refuelling and recharging facilities, and accommodation. Under Antin’s ownership, Roadchef has delivered significant growth through commercial innovation and improvement of the estate. These initiatives included rolling out new catering concepts, the introduction of a grocery offering as well as expanding and upgrading the parking and amenity buildings while simultaneously improving energy and waste efficiency.
Roadchef has an impressive track record of being ahead of the sustainability curve and was one of the first MSA operators to roll out EV charging points. MSAs will be playing a key role in the UK’s journey to Net Zero by enabling EV adoption, which Roadchef is poised to benefit from.
Commenting on the transaction, corporate partner Emma Danks, said: "We are thrilled to have supported the Roadchef management team on one of the most significant deals in the sector for years. The sale highlights the investor interest in such businesses at a time when motorway services areas are rolling out new infrastructure to adapt to the increasing demand for electric vehicles. We look forward to seeing the part Roadchef plays in the country's net zero strategy with Macquarie Asset Management."
Mark Fox, Roadchef CEO, added: "We are delighted to continue our growth journey with Macquarie Asset Management, who recognise our potential and will continue to enable us to invest, grow and build Roadchef. We are grateful to the excellent Taylor Wessing team which provided us with insightful, commercially focused advice at each step of this process. Their knowledge and expertise are second to none and their support was invaluable."
The transaction was led by partner Emma Danks with support from senior associate Alex Walker and associates Alex Stones and Catherine Ossai.
by multiple authors