VARO Energy not to proceed with Initial Public Offering (IPO)


Rotterdam, 10th April 2018: Having announced its intention to float on Euronext Amsterdam on 19th March 2018, VARO Energy B .V. (“VARO” or the “Company”), an integrated fuel supply company, has met with considerable institutional investor interest. 

However, VARO’s shareholders, CIEP II S.à r.l. (owned by The Carlyle Group L.P.), North Sea Holding B.V. (controlled by Reggeborgh Invest B.V.), and Vitol Refining Group B.V. (controlled by Vitol Holding B.V.) have decided not to proceed with an initial public offering of the Company’s shares due to market conditions.

The Company, with the support of its shareholders, will continue to use its strong balance sheet and positive cash flow to invest prudently in line with its growth strategy and to continue to consolidate its position across its core markets in North West Europe.   


VARO is an integrated fuel supply company that produces and supplies fuel for cars, trucks, ships, aeroplanes and homes, LPG for cooking and the manufacturing of plastics, and bitumen for the construction of roads. VARO operates throughout the fuel supply chain with refining, storage, blending, distribution, sales and marketing assets and activities in robust markets in North West Europe. This efficient and integrated business model enables VARO to optimise margins and risks through active risk management, with the primary purpose of promoting stability of earnings. The Company has a strong asset base of two refineries (of which one is 45% owned by VARO), a bitumen plant, 144 fuel distribution outlets (owned and leased), 12 river bunker stations and 232 retail outlets (gas fuel service stations and supply outlets) across Switzerland, Germany, Benelux and France. With total revenues of USD 13.4 billion in 2017, VARO has an ambitious growth strategy through organic growth and prudent acquisitions.  

For more information about VARO, please visit

For further information, please contact

Florence Lebeau

T: +41 41 747 23 16

E: [email protected]