Stevens & Bolton LLP has advised State Oil Limited on its acquisition of the entire issued share capital of Harvest Energy Limited and Harvest Energy Aviation Ltd and on the provision to its operating group of a syndicated finance facility.
The State Oil group is a leading independent trading, storage, distribution and retail conglomerate dealing in petroleum products and biofuels. The enlarged group expects its annual sales volume to represent a 15% share of the UK’s road fuel demand. The activities of the merged companies will be separated with sales and marketing performing under the Harvest Energy brand and the remaining businesses, including terminal management and cargo trading, operating under the Prax marque.
State Oil’s managing director, Sanjeev Kumar, said
“These acquisitions bring together strong and complementary companies that will create a major UK downstream business with a strong brand which will benefit our customers and allow us to compete on a truly national scale. I am very much looking forward to leading the enhanced group and I would like to take this opportunity to thank our lawyers Stevens & Bolton for their excellent advice, energy and tenacity throughout the process, which ensured the successful consummation of this complex transaction”.
The Stevens & Bolton team was led by Joe Bedford, supported by Bethany Sheen (corporate), Janine Esbrand (corporate), Jonathan Porteous (banking), Hannah Beale (banking), Kate Schmit (corporate tax), Sarah Ball (corporate tax), Oliver Kidd (commercial), Michael Laver (real estate), Richard Wilkin (real estate), Henry Milas (intellectual property) and Hannah Ford (employment).