Viva Energy has completed the purchase of a non-controlling stake in Westside Petroleum.
In May 2018, it entered into an agreement to acquire a 50 per cent non-controlling interest in Westside Petroleum. Viva has just announced that “All relevant regulatory and contractual conditions have now been satisfied.”
Westside Petroleum operates 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 range of operating models.
Viva Energy CEO Scott Wyatt says he’s excited about what he describes as a strategic investment.
“This deal with Westside Petroleum is an important acquisition to support our retail growth plans, and will strengthen the Shell Card offering,” he said.
Remaining independent
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. Together, Viva Energy says, they will lead the continuing rollout of new retail sites in line with Westside’s strategy.
Mr Makhlouf and Mr Riad said, “We’re 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.”
