VARO Energy to take control of Dutch biogas maker BEC
Biogas plant. Image by Swisspower Green Gas AG
Switzerland-based oil refiner and supplier VARO Energy Group has landed a deal to acquire an 80% stake in Dutch biogas maker Bio Energy Coevorden BV (BEC) as part of its push to reach 1 TWh of biogas production annually by 2026.
The value of the investment, which marks VARO’s largest acquisition since 2015, remained undisclosed.
The controlling shareholding will be acquired from STAK Grisbe, an entity of the founding Jacobs family, and Van Drie Group which will remain as minority investors with stakes of 15% and 5%, respectively. The parties expect to wrap up the deal in February.
With the acquisition, VARO plans to establish the largest biogas manufacturing facility in Northern Europe by more than doubling the current capacity of BEC’s site to 650 GWh by 2026 from currently 300 GWh.
BEC’s plant is located on the border between the Netherlands and Germany. It processes 215,000 tons of agricultural and food waste annually, according to the company’s website.
Varo was founded in 2012 with the acquisition of the Cressier Refinery in Switzerland. It is active in oil and gas manufacturing, storage and distribution, as well as in biofuels, biomethane and bio-LNG, hydrogen, e-mobility and carbon removal. The Cham-based firm is owned by US private equity investor The Carlyle Group and Dutch energy and commodity trading group Vitol.