Investcorp Puts Welcome Break on Sale for $1bn

MANAMA, 21 October 2007 — Bahrain-based Investcorp is selling Welcome Break for $1 billion, according to sources. Rothschild is advising the sale.

The Gulf-based private equity firm bought Welcome Break, the UK’s second-largest motorway service area operator after Moto, from Granada in 1997 for $969 million. Three years ago, it sold nine of the chain’s building for $553 million to property investor Robert Tchenguiz.

Investcorp recapitalized Welcome Break in February with $1.25 billion, valuing the business at about $1 billion.