VARO Energy (“VARO”) today announced that the company has signed an agreement to acquire 100% of the shares in United Fuel Group B.V. (UFG), the holding company of Diesel Oil Company B.V. (DOC) and Private Label Oil Company B.V. (POC). Through this transaction, VARO will add 22 retail service stations in the Eastern Netherlands as well as wholesale and lubricants business activities to its portfolio.

This follows the acquisition of the Brand Oil and Amigo networks earlier this year, bringing VARO’s retail footprint in the Netherlands to over 140 retail service stations. Simultaneously, the company has strengthened its position in the wholesale market around its terminal network in the Eastern part of the country.

VARO CEO Roger Brown said: “With this transaction, we broaden our company’s presence in the retail segment, in line with our strategy to grow as an integrated logistical service provider in North West Europe. This represents another step forward in our commitment to continuously expand and improve our customer offering.”

UFG directors Leon Derksen and Harald Kirkskothen commented: “In a changing market like ours we are very pleased with this transaction to maintain and expand the company’s position. We believe that VARO will take the business of the company to the next level.”

The closing of this transaction is anticipated to take place at the beginning of July 2017, subject to the approval of the Dutch competition authorities.

About VARO

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.