Viva Energy (ASX: VEA) announced today it has completed the purchase of a non-controlling stake in Westside Petroleum.
In May 2018, Viva Energy entered into an agreement to acquire a 50% non-controlling interest in Westside Petroleum. All relevant regulatory and contractual conditions have now been satisfied.
Westside Petroleum operate a retail network of more than 50 service stations across NSW, Victoria and Queensland. The sites currently display a mix of Shell and Westside Petroleum branding and operate under a variety of operating models.
Viva Energy’s CEO Scott Wyatt, said he was excited about the strategic investment into Westside. “This deal with Westside Petroleum is an important acquisition to support our retail growth plans, and will strengthen the Shell Card offering” he said.
Westside Petroleum will continue to operate independently, with Viva Energy having board representation. Westside Petroleum’s founder and Managing Director, Terry Makhlouf, will remain in his current role alongside CEO Patrick Riad, and together will lead the continued growth and roll out of new retail sites in line with Westside’s strategy.
Terry Makhlouf and Patrick Riad said, “We are excited to enter into partnership with Viva Energy which will enhance Westside Petroleum’s ability to continue to provide quality fuel products to the retail market and also deliver growth from its current high quality network and pipeline of future service station sites”. Westside Petroleum was assisted by their corporate advisors, VCF Capital.
For more information about the Westside Petroleum investment, refer to Viva Energy’s Prospectus dated 20 June 2018 and released to the ASX on 13 July 2018.