Wellington, June 25 NZPA - New Zealand private equity infrastructure fund Equity Partners Infrastructure Company No 1 (Epic) has agreed to buy a 17.49 percent stake in UK motorway service operator Moto for 19.7 million pounds ($NZ51.4m).

"Moto's investment profile represents significant value for our investors," Epic chairman Don Walker, of Wellington, said.

The Auckland-based company was incorporated in 2007, and has 94.7m shares, with 10m held by the fund manager, Equity Partners Asset Management Ltd.

Other big blocks are held by nominee companies, and blocks of a million shares or more are in the name of Hamilton Holdings and Whangarei's Renaissance Group.

In addition to Mr Walker, directors include Margaret Patricia Devlin, of Hamilton, and Richard Alan Hanson, of Queenstown, according to the Companies Office.

Mr Walker said in a statement directors had been impressed by Moto's strong management team and its proven track record of business growth.

Epic will be represented on the Moto board, and the deal marks the second UK investment for Epic, after the fund bought a stake in water management company Thames Water in 2007.

"Since acquiring an interest in Thames Water we have looked at over 50 infrastructure investments, on behalf of Epic," said George Kerr, chairman of Equity Partners Asset Management. "Moto is a stand-out opportunity for Epic".

Moto, the leading service station operator in the UK, has 64 sites across the country and a 38 per cent market share. About 120 million people each year use Moto's fuel, toilets, and food and retail outlets.