The Prax Group has announced that it has successfully completed the strategic acquisition of OIL! Tankstellen Gmbh, following an earlier announcement of an agreement in October 2023 to purchase the petrol retail business from Mabanaft Gmbh & Co KG. The acquisition of the Hamburg-based business marks the Prax Group’s entrance into four new retail markets, that include Germany, Austria, Denmark and Switzerland.
With a proven track record of integrating acquisitions and managing strategically important assets across the oil value chain, from upstream to downstream, the Prax Group is currently the fifth largest independent forecourt retailer in the United Kingdom selling fuel and non-fuel convenience products and services. The acquisition of OIL! expands the Group’s petrol retail portfolio to approximately 540 sites in Europe.
Sanjeev Kumar Soosaipillai, Chairman and CEO of the Prax Group, said: “This acquisition marks our latest expansion into the European market and signals 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, as we continue our growth trajectory as a fully integrated global energy provider.”