Oxy Capital exits Prio Energy to trade

According to press reports, the deal gives the company an enterprise value of around €150m.

Disa acquired Prio's network of 247 service stations, its storage terminal and biodiesel facilities, located in Aveiro.

The acquisition is part of Disa's geographic expansion strategy launched three years ago. Through this operation, the group will become the fourth largest petrol station operator in Portugal, reaching a market share of 10%, according to the company. Disa specialises in the distribution of petrol, diesel, butane and propane in the Canary Islands and Spain. It operates 544 service stations and employs a workforce of 4,500 people.

The sale of Prio was launched by Oxy at the beginning of the year, when the firm mandated Lazard to run the process. In addition to Disa, the sale also attracted the interest of oil company Repsol, Abu Dhabi's sovereign wealth fund Mubadala, Carlyle-owned Cepsa, BP Portugal, Oz Energia, DCC and Green Energy, with binding offers of €100-200m, according to press reports.

Oxy acquired a 39% stake in Prio for around €30m in August 2013 from Martifer, a listed Portuguese energy and metallurgical group. Oxy invested in the company via its Corporate Restructuring Fund. The deal valued the company at around €77m, according to press reports published at the time.

Subsequently, the GP increased its stake in the company, becoming its majority shareholder.

Company
Established in 2006 and based in Aveiro, Prio produces biofuel and operates 247 petrol stations, of which 98 are self-managed and 149 are managed by third parties through exclusive flagging and supply agreements.

In addition to gasoline, diesel and gas, the company also provides 190 electric recharging points and manages 88 convenience stores.

Pro Energy operates a biodiesel plant and a gas filling unit located in Port of Aveiro, and employs 700 staff.

People
Oxy Capital – Miguel Lucas (managing partner).
Prio Energy – Pedro Moais Leitão (CEO).

Advisers
Vendor – Lazard (M&A).
Acquirer – Uria Menéndez-Proença de Carvalho (legal); KPMG (financial due diligence).

Corporate Restructuring Fund 

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• Topics
• Exits
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