Vertically integrated downstream oil company acquires Gerber Energie GmbH and automated retail sites from Wengel&Dettelbacher GmbH.
Cham, March 1st 2018 – VARO Energy B.V. (“VARO”), a vertically integrated downstream oil company active across North West Europe today announces the acquisition of Gerber Energie GmbH (“Gerber”), a heating oil and diesel marketer, as well as five automated retail sites from Wengel&Dettelbacher GmbH (“WD”), located in Southern Germany. The addition of these assets supports VARO’s strategy to continue to grow the company’s B2C and retail activities in Germany.
These acquisitions will enable the expansion of VARO’s operations around Würzburg, a region where the company is already present. In addition, they will contribute to growing synergies between refining and storage, by optimising margins.
Roger Brown, CEO of VARO comments: “VARO has a strong aspiration to grow further in Germany. This expansion of our asset base, enables us to reach more customers in the South of Germany and to provide all of our customers in the region with the most safe and reliable supply of heating oil and diesel products at the most competitive prices.”
VARO already has a strong presence in Germany, which is a key market for the integrated fuel supply chain operator. The company has an ambitious growth agenda and is seeking to grow through both organic growth and prudent acquisitions to build its position as a key market player across North West Europe. These acquisitions follow the acquisitions in 2017 of NWB Nord- und Westdeutsche Bunker GmbH, an inland and coastal supplier of marine gasoil, diesel and lubricants in Germany and the assets of Schneider Group, a retail & direct sales company based in Saxony, Eastern Germany.
The transaction is expected to close by the end of the first quarter of 2018, subject to the approval of the German competition authorities. It is anticipated that the 10.2 full time equivalent employees (FTEs) will transfer to VARO upon completion of the transaction.
Financial details have not been disclosed.
VARO refines, stores and distributes oil products for the North West European market. The company owns a refinery in Cressier, Switzerland, a minority share in the Bayernoil refinery, Southern Germany, as well as storage facilities, distribution and marketing businesses in Switzerland, Germany, Benelux and France. VARO’s shareholders include private investment company Reggeborgh; Carlyle International Energy Partners, an advisory fund which is part of the global alternative asset manager The Carlyle Group; and international energy and commodities company Vitol.