The Universities Superannuation Scheme (USS) has sold a 40% stake in a UK motorway services firm to private equity firm CVC Capital.
The Β£49bn (β¬66.9bn) USS bought Moto Hospitality β the UKβs largest motorway service station operator β in .
USS said it had already worked with CVC, with which it has a βlong-standing relationship, having worked together on other investment opportunitiesβ.
βIt became quickly apparent that CVC was best placed to help drive long-term, sustainable value generation and was the best partner,β the scheme said in a statement.
The stake was sold for an undisclosed amount.
Media reports suggest CVC paid around Β£400m.
Mike Powell, head of private markets group at USS Investment Management, said the deal was an βimportant step in the developmentβ of USSβs direct investment strategy within private equity.
CVCβs Strategic Opportunities platform, he said, is βideally aligned to USSβs long-term investment horizon and prudent approach to capital structuresβ.
The deal is the platformβs second.
Marc Boughton, managing partner of the platform, said: βMoto provides a valuable service to all motorists across the UK and is the perfect match for our platform.β
Moto, which has 45 locations and 6,000 staff, was founded in 2001.
