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Preferred bidder for Total named

04 April, 2011

A consortium of investors that includes Snax 24 has entered exclusive talks to buy the Total UK network, the Financial Times has reported today.

The consortium comprises specialist bank and asset manager Investec, London-based investment group Grovepoint Capital, and Snax 24, revealed the newspaper. It beat second-round bidders understood to include US private equity groups Blackstone, TPG and Bain Capital, as well as Greenergy and number-one indie MRH.

Total appointed JP Morgan to find a buyer for its entire UK marketing assets in September last year. These include its retail network; home heating oil business; Isle of Mn operations; as well as its Jersey and Guernsey operations and associated logistics. The retail network includes around 500 company-owned sites and 300 dealers.

Snax 24 declined to comment and Total would only confirm that the sale process was ongoing.