German group DKV takes over Romanian independent fuel supplier Smart Diesel
German mobility services provider DKV has reached an agreement to buy Romanian competitor Smart Diesel, founded by local entrepreneurs Ovidiu Andries and Daniel Imbre. The two sides haven't disclosed the transaction's value, which also needs to be approved by Romania's Competition Council.
Smart Diesel is the largest independent fuel company in Romania. It offers fuel cards, bulk fuel, a solution for paying tolls, and VAT recovery services to over 11,000 customers. The group operates 36 gas stations in Romania, and its SD card is accepted in over 1,800 gas stations abroad.
The Romanian company recorded a turnover of RON 1.54 bln (EUR 316 mln) and a net profit of 31.2 mln (EUR 6.4 mln) in 2019. The company's turnover and profit tripled between 2015 and 2019. Smart Diesel will continue to operate as a standalone company within the DKV group.
With this transaction, DKV strengthens its market presence and client base in Eastern Europe. The German group is one of the top suppliers of mobility services for the logistics and transport industry. The group operates in 45 countries and serves over 230,000 clients. In 2019, it recorded a transaction volume of EUR 9.9 bln.
"We are proud we could make this acquisition," said Marco van Kalleveen, CEO DKV Mobility. "With Smart Diesel, we receive in DKV Mobility Group a company with extremely professional and capable people, with a very strong tradition. We look forward to taking the next steps and developing together," he added.
"In recent years, we have continuously developed our business, together with our customers and business partners," said Daniel Imbre, General Manager of Smart Diesel Group. "Joining forces with DKV, Europe's largest provider of fuel and mobility card services, is an important step in the development of our company. We are confident that this partnership will provide our customers with new and very attractive products and services in the future."
Local law firm Radu si Asociatii has assisted the Smart Diesel founders in this transaction. Alexandru Medelean (Wise Way Advisors) and Florin Cerna (BrinkThink Management) were the M&A lead advisors for the two Romanian entrepreneurs.
(Photo source: the company)