Fox Petroli Agrees with Q8 Italia to Sell 50% of Eco Fox srl

Fox Petroli spa, the Pesaro group founded by Alberto Berloni, who passed away in 2017, has signed an agreement to sell 50% of Eco Fox srl, which produces and markets advanced biofuels, to Q8 Italia, for a sum that was not made public by the two companies. The operation is subject to the approval of the AGCM and the Golden Power regulations. Fineurop Soditic acted as exclusive financial advisor for the seller.

Q8 Italia is the brand owned by Kuwait Petroleum Italia, an affiliate of Kuwait Petroleum International, a company responsible for the refining and distribution of petroleum products outside Kuwait.

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Eco Fox is owned by Fox Petrolli

Eco Fox was also created from an intuition of Berloni who, in the 1980s, among the first in Italy, became interested in the use of renewable sources by acquiring a plant for refining vegetable oils in Vasto, in the province of Chieti, transforming it into a biodiesel production plant. The plant has a capacity of 200 thousand tons per year and allows the production of a range of advanced biodiesel and by-products for industrial use. Furthermore, the company has supporting logistics capable of receiving and shipping products by sea and land and a fiscal warehouse of 30,000 m3 of storage.

Eco Fox srl is 100% owned by Fox Petroli spa which, in turn, is wholly controlled by Fox Petrolifera Italia spa, whose shares are owned in equal parts (25%) by Margherita Berloni, Canada ic and Kings Crossing ltd. The remainder belongs to 19.9% ​​of Glow International sa and 5.1% of Cristina Berloni.

In 2022, the company Eco Fox generated 243.6 million euros in revenues, 20.3 million in ebitda, with 30 million in net liquidity

“Today’s agreement is particularly significant, as it will allow the Q8 group to enter directly into the production chain of sustainable liquid biofuels, which already today make a concrete contribution to the decarbonisation of the transport sector,” said Fadel Al Faraj , executive vice president Marketing of Kuwait Petroleum International, who added: “This is fully in line with the primary role played by the Company for environmentally and socially sustainable mobility. An investment consistent with the future sustainable energy scenario in which we believe that there must be a mix of energy sources and vectors all capable of making their own contribution to the reduction of CO2, while ensuring the country’s energy security and avoiding dependence on a ‘single technology’.

“A significant evolution of our business model that will allow the FOX group to consolidate its experience in the biogenic fuel market and strengthen the strategic development increasingly oriented towards the country’s energy transition,” said Marco De Simoni in turn, president of Fox Petroli, who continued: “Opening the entry of 50% into the share capital of Eco Fox to a shareholder like Q8, an industrial partner of guaranteed reliability and with a consolidated sustainability strategy, will allow us to benefit from the multiple synergies, also in the logistics and distribution field, which will derive from the new shareholder structure and the productive meeting of different corporate cultures to maximize the path of continuous growth.”

Kuwait Petroleum International entered the Italian market in 1984 by taking over the Gulf sales network , and two years later launched the Q8 brand and has grown through acquisitions ever since. At the moment, 100% of the capital belongs to Kuwait Petroleum Europe BV. !n 2022 , the company generated 12.5 billion euros in revenues, 169 million in ebitda, with 237.8 million in net debt.

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(Featured image by diema via Pixabay)

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First published in Be Beez. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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