Australian buyout house Archer Capital has agreed to sell petrol station and oil import terminal business Ausfuel to Puma Energy, an emerging markets-focused subsidiary of Dutch commodity giant Trafigura.
The business, which owns the Gull, Choice and Peak service stations, is reported to have fetched about A$625m ($650m) based on a multiple of just over six-times EBITDA.
Archer paid A$120m for a 73.2 per cent stake in Ausfuel in May 2010.
“We have been successful in building this business from selling 300 million litres per annum to more than 1.2 billion litres per annum in less than three years, and in the process have significantly improved its performance, revenues and profitability,” said Archer Capital managing director Peter Gold said in a statement.
Morgan Stanley advised Archer Capital on the deal, while RFC Ambrion advised Puma.
The acquisition of Ausfuel will add 110 retail sites and 11 depots to Puma Energy’s existing Australian portfolio, making it the country’s largest independent fuel retailer with sites in Western Australia, Northern Territory, Queensland, South Australia and New South Wales.
The deal comes just weeks after Puma announced its first deal in Australia, acquiring Neumann Petroleum’s retail portfolio of more than 120 service stations in Queensland and New South Wales.
The growth and exit of Ausfuel follows Archer Capital’s recent successful deals including MYOB, Rebel Sport, Cellarmasters and iNova Pharmaceuticals.
The Sydney-based firm is currently investing through its fifth buyout fund, which closed within just four months of fundraising in 2011 with commitments of A$1.5bn ($1.52bn).
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