Argos and Varo Energy complete merger and acquire full ownership of Rhytank AG
Varo Energy today announced that the merger between Argos and Varo Energy, first announced in May 2015, has been completed. This merger transforms Varo Energy into a major new downstream player in North West Europe, led by Roger Brown, the current CEO of Varo Energy. The group will have 1,500 employees (1) and handle over 16 million m3 of products per year.
From today, Varo Energy’s shareholders include private investment company Reggeborgh; Carlyle International Energy Partners, an advisory fund of the global alternative asset manager The Carlyle Group; and international energy and commodities company Vitol.
Argos and Varo Energy will be integrated into one enlarged Varo Energy Group. Argos’ existing operations will continue to trade under the Argos name out of Rotterdam with activities in Benelux, France, Germany and Switzerland.
Roger Brown, CEO, commented: “This merger transforms Varo Energy into a major new downstream player in North West Europe. The combined business has the scale and capability to better service our customers; safely, efficiently and reliably across the region. The group also now has a significant retail footprint in Benelux, which will serve as a base for us to grow this part of our business.”
The enlarged group, based in Zug (Switzerland), focuses on three core business areas:
- Refining – wholly owned refinery in Cressier (Switzerland) and a minority share in the Bayernoil refinery (Germany)
- Transport and storage of oil products across a network of close to 50 tank terminals in Benelux, France, Germany and Switzerland
- Trading, distribution and sales of high quality products across North West Europe
Argos’ participation in Nefco (LPG) and the Argos sea bunkering business do not form part of the merger.
In addition, the enlarged Varo Energy Group has agreed to acquire an additional 50% share in Rhytank AG, a service provider with storage facilities in Birsfelden (Switzerland) comprising 63 tanks with a total capacity of 347,000 m3. Rhytank AG, a joint-venture between Argos Switzerland and Fluvia Holding, an international tanker shipping and port logistics provider, currently employs 21 staff and will become a wholly owned entity of Varo Energy effective 3 September.
Notes to editors
(1) Including all employees of Bayernoil refinery
For Vitol, please contact Fabian Gmuender, +44 20 7312 4478
For Varo Energy, please contact Florence Lebeau, +41 41 747 2316
About Varo Energy
Varo Energy 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, all Petrotank storage facilities throughout Germany, as well as additional storage facilities, distribution and marketing businesses in Benelux, France, Germany and Switzerland. Varo Energy’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 Energy, please visit www.varoenergy.com.