U.K.-based forecourt operator Motor Fuel Group (MFG) has transitioned the 337 Morrisons petrol fuel court sites (PFS) it acquired in April 2024 to its company-owned, franchise-operated (COFO) model and completed the initial upgrades. We now expect stronger earnings growth due to higher margins on fuel at the company's legacy forecourts, combined with significant like-for-like retail sales growth at the refurbished Morrisons sites, and have updated our forecast S&P Global Ratings-adjusted EBITDA for 2025 to about £661 million from £627 million. Clayton, Dubilier,&Rice (CD&R), the controlling shareholder, plans a dividend recapitalization through a £310 million add-on tap to CD&R Firefly Bidco PLC's existing £400 million senior secured notes, which mature in 2029. Although this will increase MFG's gross financial
