Varo Energy expands by acquiring storage and general trade businesses in Switzerland from Total
The Varo Energy Group of Companies (Varo Energy) has acquired storage assets and Total’s heating oil and diesel business units from Total Suisse S.A. (Total). The acquisition underlines Varo Energy’s commitment to growing the Group into a major midstream energy company covering North West Europe by extending its activities to deliver products directly to Swiss customers.
The purchased assets include tank storage facilities in Eclépens near Lausanne and Total’s entire end customer distribution and sales network for domestic heating oil and diesel in Switzerland. These assets complement Varo Energy’s current network of refining, storage and distribution facilities in North West Europe, which include its wholly owned refinery in nearby Cressier, Neuchâtel. The acquisition is scheduled for completion later this year. Financial details of the transaction were not disclosed.
“Adding business units which will allow us to distribute our products directly to the end consumer is an important milestone for Varo Energy’s growth and development. We now have the capability of serving customers with the same quality products coming straight from our refineries”, said Andreas Flütsch, Managing Director of Varo Energy.
In addition to the Cressier refinery, Varo Energy’s assets also include a 45% share of the Bayernoil refinery in Germany, all Petrotank storage facilities throughout Germany, additional storage facilities in Switzerland, and further downstream assets in Germany. The business serves clients in Northern Germany, Bavaria and along the Rhine, as well as throughout Switzerland.
For more information please contact:
Fabian Gmuender, Vitol, +44 207 973 4478
Catherine Armstrong, Carlyle Group, +44 207 894 1632
About Varo Energy
Varo Energy is a major midstream energy company serving clients across North West Europe. The company refines, stores and distributes oil products in Switzerland, Germany and Austria. Varo Energy is a partnership between international energy and commodities company Vitol, and global alternative asset manager The Carlyle Group.