Vitol has announced it plans to acquire 50% of Rodoil, a market leading downstream company in the southern part of Brazil.
Rodoil has a network comprising some 300 branded service stations and a distribution business supplying an additional 1,400 plus service stations through its network of 10 strategically located terminals. Sales in 2018 are expected to be circa $1.2bn.
The company was founded in 2006 by current CEO Roberto Tonietto, who will continue to lead Rodoil from its headquarters in Caxias do Sul.
Russell Hardy, CEO, Vitol said; “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.”
The transaction is expected to close in the fourth quarter for an undisclosed sum.
For more information visit: www.vitol.com
4th October 2018
