Olerex acquires another Latvian fuel retailer
Aqua Marina, the holding company for Olerex group in Estonia, makes next acquisition in Latvian fuel market by purchasing Gotika Auto network of 29 petrol stations. This is the second takeover Olerex makes in Latvia, after having entered the market with purchase of KOOL in August 2021.
“Latvian market has received us well,” commented Antti Moppel, CEO of Aqua Marina in Riga after closing of the transaction. “That encourages us to continue our expansion. We continue evaluating next purchase targets and will pay fair price for the assets we are interested in.”
“We appreciate both the transaction price and our stations future as part of Olerex/KOOL international petrol station network,” Member of Board of Gotika Auto Stanislav Raspopov explains. ”We will use the proceeds from the sale to develop our new and challenging fintech projects.”
After acquiring KOOL petrol stations in August 2021, Olerex became the only fuel retailer of Baltic origin, covering all three Baltic states with their retail network. The current takeover of Gotika Auto reinforces the network in Latvia. Gotika Auto stations will be gradually migrated under KOOL brand after renovation and bringing up to KOOL standards. Gotika Auto customer cards are valid at KOOL stations, and will be gradually changed for KOOL cards.
“Gotika Auto customers get access to Olerex wide international network all over the EU. That is most beneficial for the corporate customers, who can now apply for the Olerex international fleet card, allowing cashless tanking and fast VAT return from abroad,” stresses Sandis Šteins, CEO of KOOL Latvija.
The transaction has been unconditionally approved by the Latvian Competition Authority.
Aqua Marina is the holding company for Olerex and Olerex Terminal in Estonia, and KOOL in Latvia with over 200 million euros in assets, established in 1990. Aqua Marina is fully based on the Estonian domestic capital.
Olerex is the Estonian fuel retail market leader with 100 service stations in Estonia, 10 in Latvia under KOOL brand and 5 stations in Lithuania. Olerex international fleet card for business customers is accepted in 5000 stations in the European Union, Ukraine, Belarus, Russia, and Kazakhstan. Together with Olerex Terminal, Olerex is the Estonia’s biggest taxpayer.
Gotika Auto is a network of 29 petrol stations in Latvia, established in 1993.
KOOL Latvija, an Olerex group company, is the ninth biggest Latvian fuel retailer by sales volume with 10 service stations mostly in Riga and suburbs, but also in Jelgava and Valmiera.
