M3 Capital Partners has sold the motorway service group Extra to a consortium of institutional investors.
The sale, for an undisclosed sum, will see a clutch of European pension funds and other mid-market infrastructure investors take control of the motorway services area developer and investor, as well as its portfolio and pipeline.
The portfolio comprises eight MSAs, two dual-sided MSA fuel filling stations and a pipeline of three MSA development projects.
The operational MSA sites comprise: Cobham M25, Beaconsfield M40, Leeds Skelton Lake M1, Peterborough A1(M), Cambridge A14 (M11), Baldock A1(M), Blackburn M65, Cullompton M5 and two dual-sided MSA fuel filling stations at Chesterfield M1, Winchester M3. The development sites are at Amersham M25, Solihull M42 and Warrington M62. The portfolio is predominantly freehold.
Extra will continue to be run by chief executive Andrew Long, who founded the business in 1992.
M3 will retain ownership of London Gateway Services on the M1, 10 miles north-west of the City.
In November last year, M3 sold its Ulysses portfolio of eight MSA sites, which are operated by Welcome Break under long-term leases.
M3 acquired Extra and the Ulysses portfolio in two transactions from the receivers of LBG and RBS in 2010 and 2013.
M3 and Extra were advised on the sale of Extra by CBRE, Harris Williams, Mayer Brown and Shoosmiths. The consortium was advised by Evercore and White & Case. The financial details of the transaction are confidential.
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