The acquisition of the Hamburg-based petrol retail business will result in the Prax Group’s entrance into four new retail markets including Germany, Austria, Denmark and Switzerland.
With a proven track record of integrating acquisitions and managing strategically important assets across the oil value chain, from upstream to downstream, the Prax Group is currently the fifth largest independent forecourt retailer in the United Kingdom selling fuel and non-fuel convenience products and services. The Transaction expands the Group’s petrol retail portfolio to approximately 540 sites in Europe.
Sanjeev Kumar Soosaipillai, Chairman and CEO 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.”
Jonathan Perkins, CEO of Mabanaft commented: “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.”
Subject to necessary authority approvals, the transaction is expected to close in the fourth quarter of 2023. The terms of the agreement remain confidential.