Viva Energy has announced another acquisition, helping cement its goal of becoming Australia’s leading convenience retailer.
The energy company will purchase On the Run (OTR) Group from Peregrine Corporation, a South Australian family-owned business with 205 integrated fuel and retail sites around the country.
Coupled with its purchase of Coles Express convenience retailing business for $300m last September, Viva Energy has added an extra level of diversity away from fossil fuels and is on track to establish more than 1,000 stores across Australia.
The acquisition, valued at $1.15 billion, brings Viva Energy the opportunity to include major quick service restaurants, such as Subway and Hungry Jack’s, in its retail sites.
As a strategic move, the acquisition will help reduce the company’s dependency on traditional fuels in the face of a growing electric vehicle market.
“We can’t wait to welcome 6,500 OTR team members to the Viva Energy business,” said Viva Energy’s CEO, Scott Wyatt.
“We look forward to learning from them and working to deliver a leading convenience offer across the country,” he said.
The deal will see Viva, who run the second-largest oil refinery in the country, become the biggest non-government employer in South Australia.