EMEA News
Varo Energy Eyes Growth With Planned IPO Valued at €2bn
Varo Energy (Varo) has confirmed its plans to launch an initial public offering and listing on Euronext Amsterdam "in the coming weeks."
Currently controlled by Vitol Group, The Carlyle Group L.P., and Reggeborgh Invest B.V., the sellers are reported to be aiming for a valuation of €2bn ($2.45 million) and will sell between 30 and 40% of their combined shares.
The company operates throughout the European refining, storage, and fuel supply chain, and is active in the region's bunker markets.
"Over the past years VARO has built a strong position in the fuel supply chain in North West Europe. We have done so through investments in our assets to bolster organic growth and by completing nine acquisitions which we have successfully integrated into the Company," said Roger Brown, CEO of VARO Energy.
"We are convinced of the continued demand for fuels, including renewable fuels by our customers and believe we are well positioned to meet this demand. We are ready for the next stage of VARO's development and growth. Bringing VARO to the public markets will enable us to access capital, strengthen our brand and further improve our position as an integrated fuel supply company."
Having acquired Total Nederland N.V. (Total Nederland's) bunkering subsidiary FIWADO B.V. (FIDWADO) in 2016, this year Varo bought German bunker supplier NWB Nord- und Westdeutsche Bunker GmbH from Bomin Bunker Holding GmbH & Co. KG.
In January the company also partnered with GoodFuels Marine to bring biofuel bunkers to the Rotterdam market.
