Prax Group acquires OIL! Tankstellen’s 340 European sites

With this acquisition, Prax Group adds four new markets and increases its network to 540 sites.

German energy company Mabanaft will sell its shares in OIL! Tankstellen to the Prax Group. OIL! Tankstellen operates around 340 service stations in Germany, Austria, Switzerland and Denmark.

The acquisition of the Hamburg-based fuel retail business will result in the Prax Group’s entrance into four new retail markets. Prax is currently the fifth largest independent forecourt retailer in the United Kingdom selling fuel and non-fuel convenience products. The transaction expands the retail portfolio to approximately 540 sites in Europe.

“The signing of this agreement marks our latest expansion into the North-West Europe market and signal’s the Group’s intent to further advance its plans as a leading, sustainable and geographically diverse integrated energy business. The strategic acquisition of OIL! Tankstellen will unlock new opportunities, while reaffirming our ongoing commitment to building a solid and transformative supply chain to meet the needs of our customers for many years to come,” said Sanjeev Kumar Soosaipillai, Chairman and CEO of the Prax Group.

Of the current around 340 OIL! service stations, more than 230 are located in Germany.

“OIL! Tankstellen has been a valued part of the Mabanaft Group and we are confident that the Prax Group, who have secured a reputation as a leading presence in the global energy market, will be able to develop OIL! Tankstellen further and pave the way for long-term success in the face of the ever-changing energy market,” said Jonathan Perkins, CEO of Mabanaft.

The Mabanaft Group is a leading independent and integrated energy company providing its customers with innovative energy solutions for their transportation, heating, industrial and agricultural needs.