American private equity firm Clayton, Dubilier & Rice is set to announce the acquisition of petrol forecourt operator, Motor Fuel Group.

The Times has reported that the group, which has invested in budget retailer B&M and used-car dealership BCA Marketplace, has agreed a deal with current owners Patron Capital.

Alasdair Locke, the Scottish banker-turned-oil tycoon will remain as chairman of Motor Fuel Group. He said that he was “delighted to be partnering with CD&R”. Sir Terry Leahy, the former boss of Tesco who is a senior adviser to CD&R, will also join the board.

Motor Fuel Group has grown from 48 locations in 2011 to 373 today. It also operates a dealer network of more than 200 sites under the BP, Shell, Texaco and Jet brands and has retail partnerships with Costcutter and Costa Coffee.

Stephen Green, senior partner at Patron, told The Times: “Together with the management team and Alasdair Locke, we have succeeded in taking a complex property-backed business, driving operational efficiencies and rapidly transforming the company into a stable, profitable operating platform with potential for future growth.”

The deal comes days after it emerged that Macquarie Group was mulling plans to sell Moto, Britain’s biggest motorway services group, for at least £1.1bn.