VARO Energy Direct supplies heating oil, diesel, and gasoline to customers and commercial customers in the industrial and agricultural sectors. It operates 34 public retail stations and 21 private fleet stations. In addition, a VARO terminal in Emmerich is also part of the transaction.
Included in the transaction are VARO’s B2C business, fleet card business including fleet stations, the terminal, and parts of the retail business. 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.
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. The company’s ONE VARO Transformation strategy is built on the twin engines of conventional and sustainable energy businesses. 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, 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.
Hoyer has 2,500 employees at numerous strategically positioned locations throughout Germany, providing customers with a wide variety of products and relevant advice on the topics of heating and mobility. In addition to traditional products, Hoyer 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.
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.
Carlsquare acted as the exclusive financial advisor to VARO Energy.
