USS sells 40% of ownership in Moto to private equity partner

This move means that CVC and USS will invest as partners in the UK's largest motorway service station operator.

USS took 100% ownership of Moto in October as the scheme sought to build out its direct investment strategy within private equity. It bought 82.5% shares from an unnamed group of institutional investors and 17.5% from EPIC Bermuda Holdings Limited.

USS Investment Management head of private markets group Mike Powell said today: "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."

This marks the second investment made by CVC's platform, which was established in response to growing demand from large investors to invest for the long term in stable, high quality businesses.

CVC managing partner and co-head of the platform Marc Boughton said: "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."

Founded in 2001, Moto has 45 locations throughout the country and over 6,000 staff.

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• Topics
• Investment
• Private Equity
• USS
• CVC
• private equity