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Carlyle Group increases stake in Varo Energy

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Hydrocarbon Engineering,

Varo Energy has announced that global investment firm The Carlyle Group has agreed to increase its shareholding in the company.

The transaction, which is subject to regulatory approval, sees Carlyle acquire the stake in Varo currently owned by Reggeborgh, a Dutch private investment company. Vitol Group’s shareholding in Varo remains unchanged.

Founded in 2012 with the acquisition of the Cressier refinery (CH) in Switzerland, Varo owns majority shares in the Bayernoil refineries. The business offers a variety of products such as diesel and gasoline (for transportation), heating oil (for homes), fuel oil (for ships), aviation fuel (for aeroplanes), bitumen (for road construction) and LPG. Varo is particularly focused on the renewable/bio component element of these products and already generates a significant part of its income from these streams. Varo’s products are sold through a network of production and storage facilities, distribution channels and sales points. The company also sources, blends, sells and markets biofuels in Western Europe.

Roger Brown, CEO of Varo, said: “We’re very pleased with the extended commitment of Carlyle towards Varo. The energy transition creates many significant opportunities and Varo is uniquely positioned to create value in these changing markets. I am excited for the company’s future, and the strong partnership with Carlyle and Vitol will be crucial to our ongoing success.”

Marcel van Poecke, Managing Director and Head of Carlyle International Energy Partners, said: “Our investment thesis for Varo seven years ago was to build a refining and marketing platform of scale in Europe. Since then, Varo has chartered an impressive growth trajectory and we are delighted with what has been achieved. We believe there continues to be strong opportunities for the company’s future growth as it leverages its solid platform and further capitalises on the opportunities presented by the shift towards low carbon. Carlyle is excited to continue to support the strategy of building a leading energy transition company and have reconfirmed our commitment to the company’s future through the increased stake.”

Russell Hardy, Chief Executive of Vitol, said: “We believe Varo has a key role to play in Europe’s energy transition. It will deploy its assets and expertise to offer customers optimal energy solutions as their needs evolve. We look forward to continuing to work with Carlyle and the Varo management team on this exciting new phase for Varo and thank Reggeborgh for their support and contribution to date.”

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