Vivo Energy Group Plc, a British downstream petroleum company partially owned by Nigerian businessman Temitope Lawani, is set to acquire Somagaz, an integrated operator specializing in importing, storing, bottling, and distributing liquefied petroleum gas (LPG).
The acquisition is expected to bolster Vivo Energy’s presence in Mayotte, marking another significant expansion for the Pan-African energy company.
The deal, which includes the takeover of Somagaz SAS and its affiliated subsidiaries, Sigma SAS (responsible for LPG supply, storage, and bottling) and SN Somagaz SAS (in charge of LPG distribution to customers) in Mayotte, reflects Vivo Energy’s continuous growth strategy.
This strategic move comes nearly eight months after Vivo Energy acquired a 74-percent ownership stakeheld by Petronas, a Malaysian state-owned energy company, in Engen Petroleum, a Cape Town-based energy firm. The Petronas deal was a multimillion-dollar transaction that strengthened Vivo Energy’s foothold in the region.
Commenting on the latest acquisition, Stan Mittelman, CEO of Vivo Energy said: “We are delighted to announce the acquisition of Somagaz, adding a new market to Vivo Energy’s network of 23 African and Indian Ocean countries today. This acquisition fits perfectly with our growth strategy, enabling us to expand our LPG business, reach new customers, and deliver further value.”
Vivo Energy, headquartered in London, is a leader in the market, serving as a prominent marketer and distributor of Shell and Engen-branded fuels and lubricants across Africa. With a vast distribution network spanning 24 countries and comprising more than 2,600 service stations, the company has firmly established itself as a key player in the African petroleum industry.
Vivo Energy is partially owned by Lawani, the co-founder and managing partner of Helios Investment Partners, the largest Africa-focused private investment firm worldwide.
Lawani maintains a direct 1.55-percent stake in Vivo Energy and an indirect exposure of 26.27 percent through his private investment firm, further solidifying the company’s position as a dominant force in the African petroleum market.(Billionaires Africa)
