Locke adds 54 petrol sites to his gas empire

By IVCPOST Staff Reporter

Jul 18 2013, 23:12 PM EDT

Alasdair Locke incorporated an additional 54 sites to his already large gas station business in a deal estimated to be worth more than GBP50 million.

Locke, the Aberdeen-based oil services provider, with investment partner Patron Capital Partners, bought the gas station portfolio. Locke and his partner received backing from the Scottish property finance team of the Royal Bank of Scotland.

Details of the deal have been limited. Analysts, however, say that the vast majority of the stations are in Scotland. The latest deal was executed via a joint venture company created by Locke and private equity firm, Patron.

"These parties coming together on this transaction will herald an exciting few years ahead and we look forward to supporting their plans to develop the portfolio," Stuart Heslop of Royal Bank of Scotland explained.

In 2011, Locke and Patron also obtained Motor Fuels Group which owned 58 gas stations and convenience stores situated across the UK.