Prax Group has agreed to buy a leading independent German forecourt business.
The company behind Lindsey Oil Refinery looks set to acquire Oil! Tankstellen in an undisclosed deal, a move that could pave the way for a significant revenue boost when it comes to fuel production.
Details are described as commercially sensitive, but any potential switch to the Humber Bank plant for supply would represent a significant uptick, providing access to four European markets. The Hamburg-headquartered brand has 340 petrol filling stations, with 230 in Germany and others in Austria, Denmark and Switzerland.
It is currently owned by Mabanaft Gmbh & Co KG, having launched in 1994, sourcing from refineries in Germany and Europe. Completion, anticipated before the end of the year, would take Prax’s forecourt portfolio to 540 European sites. It is subject to necessary authority approvals.
Sanjeev Kumar Soosaipillai, chairman and chief executive of the Prax Group, said: “The signing of this agreement marks our latest expansion into the North West Europe market and signal’s the group’s intent to further advance its plans as a leading, sustainable and geographically diverse integrated energy business. The strategic acquisition of OIL! Tankstellen will unlock new opportunities, while reaffirming our ongoing commitment to building a solid and transformative supply chain to meet the needs of our customers for many years to come.”
Mabanaft is making significant headway in the energy transition, and has partnered with Air Products to build Germany’s first import terminal for green ammonia – a hydrogen production strand.
Jonathan Perkins, chief executive of Mabanaft, said: “Oil! Tankstellen has been a valued part of the Mabanaft Group and we are confident that the Prax Group, who have secured a reputation as a leading presence in the global energy market, will be able to develop Oil! Tankstellen further and pave the way for long-term success in the face of the ever-changing energy market.”
In the UK, Prax operates the Harvest Energy and Breeze brands, with exploration, storage and trading arms alongside refining and retail. It recently outlined an appetite for potential strategic acquisitions when major new backing was secured.
Original artice – https://business-live.co.uk/all-about/yorkshire-humber