23rdOctober 2023
THE PRAX GROUP ANNOUNCES PLANS TO ACQUIRE OIL! TANKSTELLEN FROM MABANAFT IN LATEST EUROPEAN EXPANSION
London, United Kingdom, 23rdOctober 2023: ThePrax Group - a British multinational, independent global energy conglomerate - has announced that it has signed a Sales and Purchase Agreement (SPA) to acquire, from Mabanaft Gmbh & Co KG, 100% of the share capital of OIL! Tankstellen Gmbh, with the deal subject to the necessary conditions of the sale being met. 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.
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Notes to Editors:
The Prax Group:Headquartered in the UK, the Prax Group is a British multi-national, independent global energy conglomerate dealing in petroleum products and bio-fuels. The Prax Group has a complete integration across the whole oil value chain, from upstream to downstream, with offices in London, Houston and Singapore. The Group strives to limit its carbon footprint and to embrace the advent of transitional fuels.
www.prax.com
OIL! Tankstellen GmbH:is a subsidiary of Mabanaft, a leading independent and integrated energy company. Since 1994, OIL! has operated a continuously growing network of service stations in Germany, Austria, Switzerland and Denmark. Of the current around 340 OIL! service stations, more than 230 are located in Germany. OIL! stands out with customer-oriented services and has positioned itself as a future-oriented brand in the independent service station market.
www.oil-tankstellen.de
Mabanaft GmbH & Co.KG:is a leading independent and integrated energy company providing its customers with innovative energy solutions for their transportation, heating, industrial and agricultural needs. The group is active in import, distribution and marketing of petroleum products, natural gas liquids, chemicals and biofuels, and supports its customers' transition to cleaner fuels by providing alternative long-term solutions.
www.mabanaft.com
Enquiries:
Prax Group
York House
45 Seymour Street
London
W1H 7JT
United Kingdom
Email:press@prax.com
Mabanaft GmbH & Co. KG
Koreastraße7
20457 Hamburg
Germany
Email:communications@mabanaft.com