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VARO Energy & Hulshof Group announce purchase agreement including partial same-day spin off to Fieten Olie

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11/15/2021 Press 11/15/2021 Press
Press release

Cham, Switzerland, 15th November 2021- The energy company VARO Energy (“VARO”), today announced that it has agreed to acquire Oliehandel Hulshof B.V. and Tankstation Westsingel B.V. (Netto Tank), from the Hulshof Group. Under the terms of the agreement, VARO will acquire Oliehandel Hulshof end-user and lubricant business, 12 Company Owned and Company Operated (“CoCo”) Netto Tank fuel stations and seven dealers, both branded and unbranded.

The transaction includes a same-day spin-off sale to Fieten Olie, which will acquire the end-user and lubricant business, fuel trucks and a number of dealers from VARO. A small number of staff will be transferred across VARO to Fieten as part of the transition. The sale is expected to close on 31st December 2021.
 
VARO will rebrand the fuel stations acquired in this purchase to its brand Argos. This new network of fuel stations includes some EV charging points (AC and DC) and the bike-share-concept at three locations.
 
Julian Stoll, Interim VARO CEO, said: “Through this purchase, VARO will increase the number of fuel station locations and volume capacity at the company’s terminals across eastern Netherlands (Haaksbergen region), meaning that our customers will have greater access to end-user products directly from the company’s network.”
 
The transaction is also expected to lead to a terminal volume increase for VARO as a result of a larger volume contract with Fieten.
 
Rutger Hulshof, co- owner and director of Hulshof stated: “Next year, our company celebrates its 70th anniversary and together with my brother Vincent, we represent the 3rd generation of the firm. Since becoming co-CEOs, we have grown the company through a focus on oil trade, petrol stations, and expanding the carwash business. Vincent, our father Bert and myself are convinced that the overall energy transition will bring about significant change across the industry. We believe that our fuel activities are well suited to another player.”
 
Richard Fieten, owner and director of Fieten Olie: “This acquisition strengthens our position in the fuels and lubricants market. The activities of Oliehandel Hulshof are perfectly in line with our vision and growth ambition. Fieten together with the Oliehandel Hulshof, represents150 years of experience in the oil industry.”
 

 
About VARO
VARO Energy (“VARO”) is an energy company operating throughout the complete downstream fuel supply chain with refining, storage, blending, distribution, sales and marketing assets. It safely delivers high-quality fuels from fossil and renewable sources to its national and international business customers and end-consumers.
The company owns a refinery in Cressier, Switzerland, a majority share in the Bayernoil refinery, Southern Germany, as well as storage facilities, distribution and marketing businesses in Benelux, France, Germany and Switzerland.
 
VARO Energy owns a 51% stake in SilviCarbon, a global leader in nature-based Carbon Dioxide Removals (CDRs) and a 49.5% share in E-Flux, a leading provider of electric vehicle charging software.
 
For more information about VARO, please visit www.varoenergy.com.
 
About Hulshof Mobiliteit Service
 Hulshof Mobiliteit Service is an independent fuel and lubricants supplier in the eastern part of the Netherlands, based in Haaksbergen and since 1952 active in the areas of retail fuel stations, direct fuel supply and lubricants. With its ‘AdBlue Service’ they are specialised in the supply of AdBlue for all kind of applications. Hulshof has been since 2014 official distributor of Wolf lubricants in The Netherlands, a world-wide producer of broad range of lubricants for multiple applications. Reliability and service orientation are the keywords of Hulshof Mobiliteit Service.
The company is also active in independent carwash centers with 2 locations in The Netherlands and 2 locations in Germany under the brand Perfect Carwash. The Hulshof group is owned by Rutger and Vincent Hulshof, who took over the business from their father Bert Hulshof.
 
For more information about Hulshof Mobiliteit Service, please visit www.hulshofolie.nl.
 
About Fieten Olie
Fieten Olie is an independent supplier of fuels and lubricants, based in Hollandscheveld (NL) and active in the field of retail filling stations, direct supply of fuel, AdBlue and lubricants to end consumers. Fieten Olie owns and operates 45 retail petrol stations in the Netherlands, of which 4 with shop and 41 unmanned. They also supply fuels (gasoline, diesel, AdBlue, HVO, Change XL diesel and petroleum) to companies in various branches, such as: farmers, contractors, transport companies, petrol stations, industry and private individuals. Every day 17 tank trucks drive through the Netherlands to ensure that the ordered product is delivered quickly to the customer. Fieten Olie is authorised distributor of Q8 Oils and Fuchs lubricants. This is still all done from Hoogeveen, but in the middle of 2022 it will be distributed from a new 5000sqm warehouse in Hollandscheveld. In addition to fuels and lubricants, in 2021 the company started operating charging stations under the name Fieten Electric, thinking along about the future, sustainability and returns.
 
For more information about Fieten Olie, please visit www.fieten.info.

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