The Bend Motorsport Park owners, the Shahin family, have signed an agreement with Viva Energy to sell their service station empire for $1.15 billion.
Viva Energy’s acquisition of OTR Group from the Shahin family-owned Peregrine Group, South Australia’s largest privately held company, opens the door to a retail network generating more than $3 billion in annual revenue. , employing more than 6000 people.
The acquisition (thankfully) doesn’t include The Bend Motorsport Park, but does include fuel stations, a lubricant business, and a tobacco shop.
According to Australian Financial ReviewOTR stores generate an average of $3.9 million in revenue per year, significantly higher than the $1.6 million average for Coles Express, the company to which Viva acquired full ownership. through a $300 million deal in September.
Talk to ABC AdelaideOTR founder Yasser Shahin said that the deal is still subject to regulatory approval and that if approved, the Shahin family will be Viva Energy’s largest shareholders and he will continue to help run it. It.
“Once that process is complete and we’ve been cleared, the deal will close and we’ll continue to make OTR the national brand it deserves,” he said.
“The purpose and rationale behind this agreement is to replace the current Coles Express brand at more than 700 Shell locations and replace that brand with OTR,” he said.
“It’s been an amazing journey and it’s amazing to have built all of this out of Adelaide.”
The family’s $100 million race track at Tailem Bend, about an hour from Adelaide, includes a 7.77km track, a hotel, a terrain facility, a slide and a value drag strip $30 million is currently under construction.
