Leading alternative investment firm Stonepeak and newly formed fuel retail investment firm Energy Equation Partners (EEP) have announced a definitive agreement to acquire a majority interest in JET Tankstellen Deutschland GmbH (JET) from a subsidiary of Phillips 66. The transaction values the prominent fuel retailer in Germany and Austria at an enterprise value of approximately €2.5 billion. Phillips 66 will retain a significant 35% minority stake in JET through a newly established joint venture.

JET stands as one of the largest fuel retail operators in Germany and Austria, catering to over 700,000 customers daily across its extensive network of 970 service stations. Strategically located in urban centers and high-traffic areas, JET offers a range of products and services, including quality fuels at competitive prices, convenience stores, car washes, and a rapidly expanding electric vehicle (EV) charging infrastructure. Notably, JET has consistently been recognized as Germany's most popular gas station brand for the past 15 years.

Javed Ahmed, Managing Partner of Energy Equation Partners, expressed enthusiasm about the partnership, stating, "We are pleased to partner with Phillips 66 and Stonepeak to build on the strong foundation of the JET platform. Together with the outstanding JET team and its dedicated service station operators, we aim to strengthen JET’s leadership in both fuel and non-fuel retail across Germany and Austria. We are committed to supporting a seamless transition and continuing JET’s legacy as a key player in the evolving retail energy sector."

Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak, highlighted the strategic importance of JET's infrastructure. "JET’s high-quality network of critical infrastructure assets is well positioned to continue reliably serving the needs of its customers over the long-term," he commented. "Under Phillips 66’s ownership, JET has grown into one of the largest fuel retailers in Germany and Austria. We are excited to join forces with them, as well as Javed and the EEP team, who have long-standing experience investing in and operating retail fuel distribution and logistics globally, to support the next phase of JET’s growth."

The acquisition signifies a strategic move by Stonepeak and EEP to capitalize on JET's established market presence and explore future growth opportunities within the evolving energy landscape. EEP, a newly formed investment firm, brings significant expertise in the fuel retail sector, suggesting a focus on enhancing JET's operational efficiency and exploring new avenues for expansion. Stonepeak's infrastructure investment focus aligns with the long-term value proposition of JET's extensive network of service stations.