VARO Energy has signed an agreement to acquire 100% of the shares in Inter Oil B.V., the holding company of retail and wholesale businesses operating under the brand names “Brand Oil” and “Amigo” in the Netherlands.

Through this acquisition, VARO will expand its retail network in the Netherlands by 84 gas stations mostly situated, in the northeast. Together with the existing retail service station network, which VARO operates under the brand “Argos,” the company will be running nearly 150 fuel service stations in the Netherlands and Germany.

The newly acquired assets will continue to be present in the market under the existing brand names. The current owners will keep an active role in the transition and integration of the acquired activities into the existing VARO organisation.

“With this transaction, we significantly strengthen our company’s position in the retail segment in line with our strategy to grow as an integrated logistical service provider in northwest Europe. This represents another step forward in our commitment to continuously expand and improve our customer offers,” said Roger Brown, VARO CEO.

“We are excited to join VARO. With the strong support of our new shareholder, we are uniquely positioned to continue to successfully grow the activities developed through Inter Oil. We look forward to continue to strengthen the presence of “Brand Oil” and “Amigo” in the fuel retail market,” said Inter Oil Directors Cor Brandsma and Arjen Sietsma.

The closing of this transaction is anticipated to take place in early 2017, subject to the approval of Dutch competition authorities.

VARO Energy refines, stores and distributes oil products for the Northwest European market. The company owns a refinery in Cressier, Switzerland, a minority share in the Bayernoil refinery, in south Germany, storage facilities, distribution and marketing businesses in Benelux, France, Germany and Switzerland. VARO’s shareholders include private investment company Reggeborgh; Carlyle International Energy Partners, an advisory fund, which is part of the global alternative asset manager The Carlyle Group; and international energy and commodities company Vitol.

Inter Oil, based in Zutphen, is an independent oil company and operator/supplier of fuel stations in the Dutch provinces of Friesland, Groningen, Drenthe, Overijssel, Gelderland, Noord Brabant, Utrecht and Noord-Holland. Inter Oil operates the fuel stations under the brand names Brand Oil (manned service stations) and Amigo (unmanned service stations).

Nielen Schuman acted as exclusive financial advisor to the shareholders of Inter Oil.