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Acquisition of Extra by M3 Capital Partners Ltd

M3 Capital Partners Ltd (“M3”) is pleased to announce that it has today completed the purchase of Extra MSA Holdings Limited (“Extra”) from Swayfields Extra MSA Holdings Limited (in administration) (the “Vendor”) for its investment affiliate Evergreen Real Estate Partners LLC(“Evergreen”). Extra (which will continue to operate under the "Extra" brand name) is a UK based operator and developer of motorway service stations. Extra owns 8 operational sites as well as a development site at Cobham, Surrey. Former Swayfields/Extra Group Managing Director, Andrew Long, will return to serve as group Chief Executive Officer.

Ian Green, Rob Hunt and Edward Macnamara of PricewaterhouseCoopers LLP (“PwC”) were appointed as joint administrators (the “Administrators”) of Swayfields and certain other companies in March 2010.

A syndicate of three banks Royal Bank of Scotland, Barclays Corporate and Santander Corporate Banking have provided acquisition facilities to Evergreen Extra MSA Holdings Limited, the acquisition vehicle established by M3 for the purposes of this transaction. M3 were advised by Macquarie Capital, Clark Willmott, Ernst and Young and BTG Corporate Finance.

Craig Beevers, Partner at M3, said:

“We are delighted to have completed this acquisition which is very much in line with M3’s investment strategy of acquiring and operating best in class real estate assets. Extra is an excellent business that offers the motorist value for money pricing for well known, branded products at strategically located sites on the motorway network. It has the most modern and well designed portfolio of facilities in the UK which seeks to offer customers the best experience on the motorway network.. We are very much looking forward to working with Andrew Long and the existing staff to take the business forward and build on the established business platform.. During the transaction, we have established sound working practises with the Administrators and the Bank and have consolidated relationships which we hope to further build on in future transactions."

Ian Green, partner at PwC said:

“Whilst Swayfields had significantly expanded its operations over recent years, it struggled to service its increasing debt commitments. Consequently, in March 2010, with limited options available to it, the Group sought the protection of administration.

Since then we, along with the employees, have worked exceptionally hard to protect value in the Group and maximise realisations for creditors. We are now delighted to be able to announce the sale of Extra which represents the successful conclusion of a long and detailed sales process.
In addition to realising significant value for the creditors, we are pleased that this transaction will safeguard the jobs of the existing employees of Extra.”

Julie Palmer

About the author

Julie Palmer

Regional Managing Partner

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Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.

Julie is a member of the Insolvency Practitioners Association and the None Administrative Receivers Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.

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