Carlyle's Varo Energy bolts on Total assets

Carlyle did not provide additional financing for the deal.

The GP teamed up with Vitol Group in December last year to purchase Varo Energy. Each party took a 50% stake in the business.

The acquisition is in line with the backers' plans to create a major midstream energy business in north-west Europe by extending its activities to deliver products directly to Swiss customers.

The assets complement Varo's current network of oil refining, storage and distribution facilities in the area, including its wholly owned refinery in nearby Cressier, Neuchâtel.

Company
Founded in 1922, Total's heating oil business is headquartered in Cheseaux-sur-Lausanne. The assets purchased by Varo include tank storage facilities in Eclépens near Lausanne and Total's entire end-customer distribution and sales network for domestic heating oil and diesel in Switzerland.

People
Andreas Flütsch is managing director of Varo Energy.

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• Topics
• DACH
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• Carlyle Group