VARO Energy (“VARO”) today announced that it has entered into an agreement to acquire the assets of Schneider Group, a retail & direct sales company based in Saxony, Eastern Germany.
These assets comprise 8 retail-service stations with shops, 145 fleet card filling points across Germany and a pool of more than 26’000 customers. All the companies within the Schneider Group (Schneider Mineralöl Meissen GbmH, EPT – European Partner Tank GmbH, SMM – Vermögensverwaltung und Beteiligungs-GmbH & Co. KG as well as BHG Energieservice GmbH) have been in administration for a number of weeks and the transaction was therefore coordinated by the appointed administrator.
“This addition of assets to VARO’s portfolio is part of our strategy to further grow our retail and direct sales activities in Germany”, said VARO CEO Roger Brown. “This acquisition will lead to new synergies with the Bayernoil Refinery, in which VARO holds a 45% of share, and our network of terminals in Northern Germany. It will also further improve our ability to offer high-quality competitive supply to our customer base across North West Europe. We welcome our new colleagues and look forward to serving our new customers with the same high level of service that has enabled us to grow so successfully in Germany.”
Wolfgang Schneider, owner of Schneider Group commented: “After several weeks of uncertainty, I am delighted that VARO has committed to continuing to run our operations and offer all employees a safe future. Our local market provides further growth potential and we wish VARO much success in further expanding in the region”
In order to enable a smooth transition of the assets on 1st June 2017, a new legal entity called VARO Schneider has been created. All 104 employees will transfer to the new company. The closing of the deal is subject to the approval of the competition authorities.
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 Benelux, France, Germany and Switzerland. 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.
For more information about VARO, please visit www.varoenergy.com.
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