New Zealand-based Equity Partners Asset Management (EPAM) has agreed to acquire a 17.5 percent stake in UK-based Moto International Holdings for £19.7 million ($32 million; €23 million).
Moto is a motorway service provider providing 24/7 refuelling services, bathroom facilities and food and retail outlets across 64 sites to UK motorists. It presently has a 38 percent market share.
The acquisition represents “an EV/EBITDA multiple of 10.3x 2008 pro-forma EBITDA”, the firm said. It also gives the firm representation on Moto’s board of directors.
The firm has looked at more than 50 infrastructure investments. It particularly liked Moto because of its supportive regulatory regime, according to George Kerr, chairman of EPAM, in a statement.
The investment was made out of Equity Partners Infrastructure Company No. 1. Its previous investments include stakes in water and wastewater company Thames Water, gas distributor Wales and West Utilities and communications operator Arqiva/National Grid Wireless, all based in the UK.
Backed by Australia’s Macquarie Bank, EPAM was set up in 2007 to offer New Zealand investors access to an investment in Thames Water. At the time, the firm raised NZ$95 million ($61 million; €43 million) for a 1.2 percent stake in Thames Water.
Equity Partners Asset Management did not reply to requests for comments at press time.