• Transaction is anticipated to close by the end of this year (subject to customary regulatory approvals), with employees in VARO Energy Direct to transfer to the new owner.
• New owner, Hoyer SE, a leading family-owned mineral oil trading company, to continue the growth and development of retail stations in Germany.
• This divestment represents an important step in VARO’s efforts to streamline its portfolio and demonstrate capital discipline.

August 20, 2024, Hamburg, Germany — VARO Energy (“VARO”) announces divestment of its German subsidiary, VARO Energy Direct GmbH (“VARO Energy Direct”), to Hoyer SE (“Hoyer”).
 
VARO Energy Direct supplies heating oil, diesel, and gasoline to consumers and commercial customers in the industrial and agricultural sectors. It operates 34 public retail stations, 21 private fleet stations and a terminal in Emmerich. Included in the transaction are VARO’s B2C business, fleet card business including fleet stations, the terminal, and parts of the retail business. Pending the required merger clearance approvals, the transaction is anticipated to close by the end of this year.
 
The remaining public retail stations in the North and West of Germany will continue to operate in the new VARO subsidiary “VARO Energy Direct Retail”.
 
VARO and Hoyer have agreed to continue the current product supply to VARO Energy Direct. All employees of VARO Energy Direct will transfer to Hoyer ensuring continuity and stability within the business. The product offerings and contracts will remain the same.
 
The decision to divest VARO Energy Direct is in line with VARO’s efforts to streamline its portfolio and operations, demonstrating capital discipline and focus on areas of future growth potential.
 
VARO established VARO Energy Direct in 2017 and a successful business was created through the engagement and strong performance of the employees as well as investments made in operations and select acquisitions.
 
VARO’s other businesses in Germany and beyond are unaffected by the sale.

About VARO

VARO Energy (“VARO”) is the partner of choice for customers in the energy transition by providing the sustainable and reliable energy solutions that they need to decarbonise. Engine 1 includes manufacturing, storage, distribution, marketing, and trading of conventional energies. Engine 2 activities are focused on sustainable energies and include biofuels, biogas, green hydrogen, e‑mobility, and nature-based carbon removals. VARO plans to invest around $3.5 billion over the 2022‑26 period, with two-thirds committed to sustainable energies. The company has a net zero target for scope 1, 2 and 3 by 2040. VARO, a private company owned by The Carlyle Group (66.66%) and Vitol (33.33%) is headquartered in Switzerland with a diversified presence in 26 countries.
 
About Hoyer

Hoyer is one of the largest family-owned companies in the German energy sector. The workforce of more than 2,500 employees at numerous strategically positioned locations throughout Germany ensures that Hoyer can provide its customers with a wide variety of products and relevant advice on the topics of heating and mobility. Hoyer has set itself the goal of providing customers with the energy they need today and in the future and, in addition to traditional products, has long since also offered HVO 100, (bio-)LNG, lubricants, liquid gas, wood pellets, photovoltaic systems, storage technology, charging infrastructure and fuel card for approx. 250 of its own filling stations and a partner network of approx. 5,000 stations in Europe.

VARO Communications
Angela Nemeth
Phone: +41795129421
Email: [email protected]

Brunswick
Will Medvei and Nabhan Malik
Phone: +44 (0)20 7404 5959
Email: [email protected]