Vivo Energy Explained

Vivo Energy plc
Type:Private company
Foundation:2011
Location:London, UK
Area Served:Africa
Key People:Stan Mittelman, CEO
Industry:Oil and gas
Services:Fuel stations
Revenue: US$ 8,458 million (2021)[1]
Operating Income: US$ 312 million (2021)
Net Income: US$ 152 million (2021)
Owner:Vitol Group
Num Employees:2,700 (2022)[2]
Homepage:Vivo Energy

Vivo Energy is a British downstream petroleum company with its headquarters in London. It maintains subsidiaries and operations in 23 countries across Africa that encompass the supply, storage, distribution, and retail of a range of petroleum products. Vivo Energy is a Shell and Engen Petroleum licensee and sources, distributes, markets and supplies fuels and lubricants. It was listed on the London Stock Exchange and the Johannesburg Stock Exchange and was a constituent of the FTSE 250 Index and of the JSE All Share Index until it was acquired by Vitol Group in July 2022.

History

Vivo Energy was established in 2011, as a partnership between Vitol Group, a Swiss-based Dutch-owned multinational energy and commodity trading company, and Helios Investment Partners, a United Kingdom-based private equity firm, with the objective to purchase majority shares in the downstream fuels business of Shell in Africa for approximately $1 billion.[3]

Cape Verde, Senegal, Madagascar, Mali, Mauritius, Morocco, Tunisia joined Vivo Energy in December 2011. They were followed by Burkina Faso, Côte d'Ivoire, Guinea in February 2012;[4] Botswana and Namibia in October 2012;[5] Kenya in November 2012;[6] Uganda in February 2013,[7] Ghana in August 2013[8] and Mozambique in August 2013.[9]

Vivo Energy had its initial public offering in May 2018[10] that saw its shares listed on the London Stock Exchange with a secondary listing on the Johannesburg Stock Exchange.[11] This IPO was the largest in the LSE in 2018 and saw the founding shareholders, Vitol and Helios, raise GBP 548 million.[12]

Until spring 2019 Vivo Energy was a Shell licensee operating in 16 African markets: Botswana, Burkina Faso, Cape Verde, Ghana, Guinea, Ivory Coast, Kenya, Madagascar, Mali, Mauritius, Morocco, Mozambique, Namibia, Senegal, Tunisia and Uganda.[13] However, in March 2019, Vivo Energy completed a transaction with Engen Petroleum, adding eight new countries and 230 Engen-branded service stations to its network. The new markets for Vivo Energy were Gabon, Malawi, Mozambique, Réunion, Rwanda, Tanzania, Zambia and Zimbabwe; accordingly Vivo operates in 23 countries.[14]

In July 2022, Vitol Group secured approval from the relevant regulatory and anti-trust bodies to acquire the company.[15]

Operations

As of 31 December 2021, the company operates 2,463 service stations across its markets.[1]

External links

Notes and References

  1. Web site: Vivo Energy. Preliminary Results 2021. 2 March 2022.
  2. Web site: Vivo Energy. Where we operate. 17 February 2022.
  3. Web site: Shell to sell Africa downstream stake for $1 billion . . 30 October 2017 . 19 February 2011 . Olivia . Kumwenda . Johannesburg.
  4. Web site: 30 October 2017 . Vivo Energy – 2nd phase of Africa transaction completes . 29 February 2012 . . Vitol . Geneva.
  5. Web site: Shell Botswana Gets New Corporate Brand . Seitshiro . Kabelo . 22 October 2012 . 30 October 2017 . The Sunday Standard . Gaborone.
  6. Web site: Kenya Shell sold to Nigerian fund in billion-dollar deal . 5 May 2012 . 30 October 2017 . Kennedy . Senelwa . . Nairobi.
  7. Web site: Vivo takes over from Shell in Uganda . 16 February 2013 . 30 October 2017 . Senelwa . Kennedy . . Nairobi.
  8. Web site: Vivo Energy Ghana Takes Over From Shell Ghana . August 2013 . 30 October 2017 . Ghanatrade.gov.gh (Ghana Trade Ministry) . Ghana Trade Ministry.
  9. Web site: Vivo Energy Mozambique. 27 September 2013. African Intelligence. 7 September 2018.
  10. Web site: Vivo Energy plc - IPO Prospectus. 4 May 2018. Vivo Energy plc. 9 September 2018.
  11. Web site: Vivo Energy closes biggest Africa-focused IPO in a decade. 3 May 2018. FT. 7 September 2018.
  12. Web site: Vivo Energy - largest UK-listed African IPO in over a decade. 2018-05-04. LSEG. 2018-09-09.
  13. Web site: 30 October 2017 . Shell completes sale of Africa retail business to Vivo Energy . 27 April 2017 . . Brian . Ngugi . Nairobi.
  14. Web site: Vivo Energy completes Engen deal. 14 October 2020. The Herald.
  15. News: Vitol Group completes takeover of Vivo Energy PLC. 11 July 2022. Fuel and Lubricants. 19 July 2022.