Vitol has decided for the acquisition of 50% of Brazilian downstream company Rodoil, to be purchased for an undisclosed sum.
With a downstream network which includes some 300 branded service stations and a distribution business supplying an additional 1,400 plus fuel service stations through its network of 10 strategically located terminals, Rodoil is a market leader in the southern part of Brazil. USD$1.2 billion is the projected sales in 2018.
Founded in 2006 by current CEO Roberto Tonietto, the company will continue to be led by Rodoil from its headquarters in Caxias do Sul.
Russell Hardy, CEO, Vitol remarked that Brazil has significant potential and is already the world’s 6th largest fuels market. Rodoil’s rapid growth since it was founded in 2006 demonstrates both the market potential and quality of the company’s leadership. “We are pleased to invest in Rodoil’s plans for expansion and look forward to working with the management team to strengthen the company’s downstream footprint.”
Roberto Tonietto, CEO, Rodoil said, “This transaction represents a vote of confidence in the Brazilian market and the great team I am privileged to lead. Vitol has a track record of successfully investing in downstream companies around the world and I am delighted to be working with them.”
Expected to close in Q4, the transaction is subject to certain conditions precedent, including regulatory approvals. PWKD03102018
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