CVC Capital Partners ("CVC") and Universities Superannuation Scheme ("USS") announced today that USS has sold a 40% shareholding in Moto to funds advised by CVC. This will be the second investment made from CVC's Strategic Opportunities platform, which has been established in response to growing demand from large investors to be able to invest for the long term in stable, high quality businesses.
Moto is the UK's leading motorway services provider, with 45 locations throughout the country and over 6,000 staff. Moto was founded in 2001 and has since carved out its reputation for providing excellent customer services to all users.
Tim Moss, CEO of Moto, said: "I am very pleased that such an experienced investor as CVC has chosen to come on board alongside USS. Their long-term capital and expertise will be important to us as we continue to build on our market leading franchise across the UK."
Marc Boughton, Managing Partner and Co-Head of the Strategic Opportunities Platform at CVC, commented: "Moto provides a valuable service to all motorists across the UK and is the perfect match for our Strategic Opportunities platform, with its resilient business model, secure capital structure and long term growth opportunities. Together with USS, a longstanding partner of CVC, we look forward to working with the management to further enhance its national offering and excellent customer experience."
Mike Powell, Head of Private Markets Group, at USS Investment Management said:
"The acquisition of Moto marked an important step in the development of USS' direct investment strategy within private equity and I am now very pleased to welcome CVC as our partner. CVC Strategic Opportunities platform is ideally aligned to USS's long term investment horizon and prudent approach to capital structures. Together with the Moto management team, this new partnership will help deliver long term, sustainable value to Moto and our members."