Nikko sells RoadChef to Israel property firm
Nikko Principal Investments said on Friday it had sold RoadChef, Britain's third biggest motorway services group, to Israel's Delek Real Estate for 375 million pounds including debt.
Nikko Principal Investments, the principal finance arm of Japanese securities house Nikko Cordial Corp, said the deal implied an enterprise value of 425 million pounds if securitised bonds being assumed by Delek were repaid in full today.
Nikko bought RoadChef in May 1998 for an enterprise value of 175 million pounds and later that year bought two smaller businesses, Blue Boar and Take A Break, for undisclosed sums to add to the RoadChef stable.
RoadChef now runs 29 service stations catering for over 65 million customer visits a year, including Europe's biggest motorway services station at Clacket Lane on the M25. In 2006, the group reported sales of 132.2 million pounds.
London based investment firm Vision Capital has been a minority investor in RoadChef since 2004.
Hawkpoint advised Nikko and Vision on the deal, while Allen & Overy were legal advisers.
Conglomerate Delek Group, which has holdings in the energy, automotive and real estate sectors, owns about 90 percent of Delek Real Estate.
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