Latest news with #AnthonyBorreca
Yahoo
16-05-2025
- Business
- Yahoo
Phillips 66 Sells Majority Interest in European Fuel Retailer
Investment firms Stonepeak and Energy Equation Partners (EEP) agreed to acquire a 65% interest in a European fuel retailer from Phillips 66 in a transaction valuing the business at 2.5 billion euros (US$2.8 billion), the companies said in a May 15 press release. Phillips 66 Continental Holding will retain a 35% majority interest in JET Tankstellen Deutschland as part of the deal through a newly formed joint venture. Stonepeak declined Hart Energy's request for comments on the value of its stake in JET. 'This transaction advances our strategy to optimize our portfolio and enhances long-term shareholder value,' said Mark Lashier, chairman and CEO of Phillips 66. 'The newly formed joint venture allows us to monetize this non-core asset while retaining the ability to benefit from its future growth.' JET distributes fuel to more than 700,000 customers in Germany and Austria through a network of 970 service stations, the release said. The company also operates convenience stores, car washes and an electric vehicle charging network. In connection with the transaction, Phillips 66 will enter into a multi-year agreement to continue to supply the business with products from the Mineraloelraffinerie Oberrhein GmbH & Co. refinery. The deal represents an enterprise value multiple of 9.1x for JET based on expected 2025 EBITDA, Phillips 66 said. 'Under Phillips 66's ownership, JET has grown into one of the largest fuel retailers in Germany and Austria,' said Anthony Borreca, senior managing director and co-head of energy at Stonepeak. The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals. Akin Gump Strauss Hauer & Feld LLP and Hengeler Mueller served as legal counsel to Stonepeak and EEP. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as financing counsel to Stonepeak and EEP.
Business Wire
15-05-2025
- Business
- Business Wire
Stonepeak and Energy Equation Partners to Acquire Majority Interest in JET from Phillips 66
LONDON & HOUSTON--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Energy Equation Partners ('EEP'), a newly formed investment firm with significant expertise in fuel retail, today announced an agreement to acquire a majority interest in JET Tankstellen Deutschland GmbH ('JET'), a leading fuel retailer in Germany and Austria, from a subsidiary of Phillips 66 (NYSE: PSX), in a transaction valuing the business at an enterprise value of approximately €2.5 billion. Phillips 66 will retain a 35% minority interest in JET as part of the transaction through a newly formed joint venture. JET is one of the largest fuel retailers in Germany and Austria, serving more than 700,000 customers daily with quality products at fair prices through a network of 970 service stations. Located primarily in urban and high-traffic areas, JET also operates convenience stores, car washes and a rapidly growing EV charging network. JET has been named Germany's most popular gas station brand by YouGov Deutschland for 15 years in a row. 'We are pleased to partner with Phillips 66 and Stonepeak to build on the strong foundation of the JET platform,' said Javed Ahmed, Managing Partner of Energy Equation Partners. 'Together with the outstanding JET team and its dedicated service station operators, we aim to strengthen JET's leadership in both fuel and non-fuel retail across Germany and Austria. We are committed to supporting a seamless transition and continuing JET's legacy as a key player in the evolving retail energy sector.' 'JET's high-quality network of critical infrastructure assets is well positioned to continue reliably serving the needs of its customers over the long-term," said Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak. 'Under Phillips 66's ownership, JET has grown into one of the largest fuel retailers in Germany and Austria. We are excited to join forces with them, as well as Javed and the EEP team, who have long-standing experience investing in and operating retail fuel distribution and logistics globally, to support the next phase of JET's growth.' The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals. Akin Gump Strauss Hauer & Feld LLP and Hengeler Mueller served as legal counsel to Stonepeak and EEP. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as financing counsel to Stonepeak and EEP. About Stonepeak Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $73 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit About Energy Equation Partners Energy Equation Partners is an energy specialist investment firm that seeks to invest in companies that are well established in the energy sector and have the potential to play a valuable role in the shift from 'brown to green'. Over the past two decades, the principals of EEP have deployed over $10 billion of equity capital across the energy value chain globally and have significant experience in fuel retail.
Yahoo
15-05-2025
- Business
- Yahoo
Stonepeak and Energy Equation Partners to Acquire Majority Interest in JET from Phillips 66
LONDON & HOUSTON, May 15, 2025--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Energy Equation Partners ("EEP"), a newly formed investment firm with significant expertise in fuel retail, today announced an agreement to acquire a majority interest in JET Tankstellen Deutschland GmbH ("JET"), a leading fuel retailer in Germany and Austria, from a subsidiary of Phillips 66 (NYSE: PSX), in a transaction valuing the business at an enterprise value of approximately €2.5 billion. Phillips 66 will retain a 35% minority interest in JET as part of the transaction through a newly formed joint venture. JET is one of the largest fuel retailers in Germany and Austria, serving more than 700,000 customers daily with quality products at fair prices through a network of 970 service stations. Located primarily in urban and high-traffic areas, JET also operates convenience stores, car washes and a rapidly growing EV charging network. JET has been named Germany's most popular gas station brand by YouGov Deutschland for 15 years in a row. "We are pleased to partner with Phillips 66 and Stonepeak to build on the strong foundation of the JET platform," said Javed Ahmed, Managing Partner of Energy Equation Partners. "Together with the outstanding JET team and its dedicated service station operators, we aim to strengthen JET's leadership in both fuel and non-fuel retail across Germany and Austria. We are committed to supporting a seamless transition and continuing JET's legacy as a key player in the evolving retail energy sector." "JET's high-quality network of critical infrastructure assets is well positioned to continue reliably serving the needs of its customers over the long-term," said Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak. "Under Phillips 66's ownership, JET has grown into one of the largest fuel retailers in Germany and Austria. We are excited to join forces with them, as well as Javed and the EEP team, who have long-standing experience investing in and operating retail fuel distribution and logistics globally, to support the next phase of JET's growth." The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals. Akin Gump Strauss Hauer & Feld LLP and Hengeler Mueller served as legal counsel to Stonepeak and EEP. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as financing counsel to Stonepeak and EEP. About Stonepeak Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $73 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit About Energy Equation Partners Energy Equation Partners is an energy specialist investment firm that seeks to invest in companies that are well established in the energy sector and have the potential to play a valuable role in the shift from "brown to green". Over the past two decades, the principals of EEP have deployed over $10 billion of equity capital across the energy value chain globally and have significant experience in fuel retail. View source version on Contacts For Stonepeak: Kate Beers / Maya Brounsteincorporatecomms@ +1 (646) 540-5225For Energy Equation Partners: Sari Haidarsari@ +44 75 5112 5113
