LONDON--(BUSINESS WIRE)--Rontec Investments LLP, a consortium comprising Snax 24, one of the leading companies in the independent fuel retailing sector, together with its partners Investec and Grovepoint Capital, are pleased to announce that they today signed a sale and purchase agreement to acquire Total’s retail and fuel distribution business in the UK, Channel Islands and Isle of Man following Total’s strategic review of its Downstream assets.
The Total UK retail assets being acquired represent 8% of the UK retail fuel network and comprise 810 service stations, its Butler heating oil business, the associated logistics infrastructure, as well as its Channel Islands and Isle of Man businesses. The employees of the businesses being acquired are being transferred by TUPE.
Simultaneously, Rontec Investments has also agreed to sell 254 of the petrol retail sites it is acquiring to Shell. On completion of the Total transaction, which is expected later in 2011 upon satisfaction of regulatory and other conditions, these sites will be operated by Snax 24 on behalf of Shell under a management agreement.
Once finalised, the acquisition will leave Snax 24 as the leading independent fuel retailing operator in the UK with retail assets across the length and breadth of the UK; it will operate 556 sites of which Rontec Investments will own 238.
Gerald Ronson, the Chairman of Snax 24 and the original pioneer of the self-service petrol station in the UK, commented:
“This transaction marks Snax 24’s return to the fuel business in scale. We are delighted to be acquiring this already well-run business and believe that our independence will enable us to create further opportunities and drive innovation. We look forward to working with our new colleagues to deliver the best customer experience in the sector.”
Bernard Kantor, Managing Director of Investec, added:
"We look for long-term partnerships where our specialist banking expertise and financing capabilities can help an enterprise maximise its potential. Investec has a proven track record for backing successful entrepreneurs and we are delighted to be arranging and leading the financing for this transaction. We believe there is an excellent growth opportunity in UK service stations for an established independent operator such as Snax 24 and look forward to supporting our consortium partners in building a major new force in the industry."
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Notes to Editors:
Snax 24
- Snax 24 is one of the leading independent forecourt groups in the UK
- Snax 24/Gerald Ronson have developed 968 self-service petrol stations in the UK over the last 45 years. Mr Ronson revolutionized petrol retailing in the UK, pioneering such concepts as self-service sites, canopies and forecourt shops
- Snax 24 is recognized as one of the leading companies in the fuel retailing/convenience store sector. It has a highly experienced management team, the most senior members of whom have has been with the company since its inception 45 years ago
- Further information is available at www.snax24.co.uk
Grovepoint Capital LLP
- Grovepoint is a London based, independent principal investment firm founded in 2010 to focus on transformational opportunities of significant scale. In addition to investing itself, Grovepoint brings extensive experience in leading and arranging, advising on and structuring investments in major enterprises
- The firm has flexible time horizons and will often take a long-term view of its investments. Grovepoint’s approach is to unlock value, together with its partners, across all aspects of a business; including operations, management, finance, strategy and governance
- Further information is available at www.grovepoint.co.uk
Investec
- Investec is an international specialist bank and asset manager that provides a diverse range of financial products and services to a niche client base in three principal markets, the United Kingdom, South Africa and Australia as well as certain other countries
- The group was established in 1974 and currently has approximately 7,200 permanent employees
- Investec focuses on delivering distinctive profitable solutions for its clients in six core areas of activity namely, Asset Management, Wealth and Investment, Property Activities, Private Banking, Investment Banking and Capital Markets
- In July 2002 the Investec group implemented a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. The combined group’s current market capitalisation is approximately £3.9bn
- Further information is available at www.investec.com