VARO Energy to sell German subsidiary

VARO Energy (VARO) has announced the divestment of its German subsidiary, VARO Energy Direct GmbH (VARO Energy Direct), to Hoyer SE (Hoyer).
VARO Energy Direct supplies heating oil, diesel, and petroleum to consumers and commercial customers in the industrial and agricultural sectors.
It operates 34 public retail stations, 21 private fleet stations and a terminal in Emmerich.
Included in the transaction are VARO’s B2C business, fleet card business including fleet stations, the terminal, and parts of the retail business.
Pending the required merger clearance approvals, the transaction is anticipated to close by the end of this year.
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.
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, said the company.
VARO established VARO Energy Direct in 2017 and a successful business was created through the engagement and strong performance of the employees as well as investments made in operations and select acquisitions, it added.
VARO’s other businesses in Germany and beyond are unaffected by the sale.