Patron Capital is selling a UK petrol stations platform for £500m (€679m).

Private investment firm Clayton, Dubilier & Rice said it will buy the Motor Fuel Group for funds it manages from Patron Capital. 

Motor Fuel Group’s management is partnering the buyer in the deal, which is expected to close in July.

Patron bought a 87% stake in initial 48 sites in 2011 for its Fund IV, paying £28.3m, according to previous documents.

The firm then grew the group’s portfolio to 373 sites. Patron said the company last year generated more than £1bn.

Motor Fuel Group also operates a dealer network of more than 200 sites under the BP, Shell, Texaco and Jet brands and have retail partnerships with Costcutter and Costa Coffee.

Stephen Green, senior partner at Patron, said the firm had taken a “complex property-backed business” and transformed it into a “stable, profitable operating platform with potential for future growth”.

Motor Fuel Group’s chairman, Alasdair Locke will keep his role. Sir Terry Leahy, former chief executive of Tesco is joining the firm’s board.