The gas station industry in Europe plays a vital role in the transportation sector, providing fuel, convenience services, and various retail options. Companies here range from multinational corporations like Shell and TotalEnergies to local and regional operators. Today, the industry is rapidly evolving, with a growing focus on alternative fuels, electric vehicle charging infrastructure, and sustainable practices to meet climate goals. This shift reflects changing consumer preferences and regulatory pressures, pushing the industry towards a greener future. Innovations such as mobile fuel delivery and integrated retail offerings are reshaping how consumers engage with gas stations.


In total, 18 investors are represented in this list, showcasing a mix of corporate giants and private equity firms. These investors range in size, with many employing thousands and boasting prominent headquarters primarily located in France, Switzerland, and the UK. Many were established in the 20th century, reflecting a rich history in energy investments. In 2024, they collectively engaged in multiple deals, indicating a robust approach to growth within the gas station sector. Significant players like Equinor and CVC Capital Partners are active in shaping this space.


Top 18 Gas Station Investors in Europe


1. Shell

  • Website: shell.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1907
  • Headcount: 10001+
  • Number of deals in 2024: 20
  • LinkedIn: shell

Shell plc is a multinational oil and gas company based in London, England, founded in 1907. It operates in the energy and chemicals sectors, providing essential products such as fuels, lubricants, and chemical solutions to businesses and consumers. Shell is involved in the extraction, refining, and distribution of oil and gas, serving a diverse range of industries globally. Notably, Shell has made strategic acquisitions to enhance its presence in the gas station market, including the recent agreement to acquire Brewer Oil Company's retail division, which adds 45 fuel and convenience store sites in New Mexico to its portfolio. This acquisition marks Shell's first operated retail presence in the state and is expected to be completed by the end of the first quarter of 2024. Furthermore, Shell's historical acquisition of Equilon and its partnership with Saudi Aramco in Motiva have positioned it as the largest petrol retailer in the US, underscoring its commitment to the gas station industry. Additionally, Shell has expanded its portfolio by acquiring companies like Greenlots, focusing on electric vehicle charging technologies, which complements its traditional fuel offerings.


2. TotalEnergies


TotalEnergies is a corporate investor based in France, founded in 1924, and employs over 10,000 people. The company focuses on producing and marketing a diverse range of energy solutions, including oil, gas, and renewable energy. TotalEnergies is committed to carbon neutrality by 2050, addressing the need for sustainable and reliable energy sources. Notably, TotalEnergies has made significant investments in the gas sector, including the acquisition of Engie's portfolio of upstream liquefied natural gas (LNG) assets, which enhances their position in the LNG market. They also acquired a 16.7% interest in Qatargas II's second liquefaction train, further solidifying their involvement in gas supply. Additionally, their acquisition of the Belgian energy supplier Lampiris allows them to enter the retail energy market, which is closely related to gas station operations. These transactions highlight TotalEnergies' active role in the gas industry, making them a relevant investor in the gas station sector.


3. Equinor

  • Website: equinor.com
  • Type: Corporate
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1972
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: equinor

Equinor ASA is a public entity based in Stavanger, Norway, operating primarily in the energy sector with a focus on oil, gas, and renewable energy. Founded in 1972, Equinor has a workforce of over 10,000 employees and is committed to sustainability, aiming to achieve net-zero emissions by 2050. The company serves a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. Notably, Equinor participated in a significant funding round for Booster, a mobile energy delivery platform, which raised over $125 million to expand its network of direct-to-vehicle fuel delivery. This investment highlights Equinor's interest in innovative fuel delivery solutions that are relevant to the gas station industry. Additionally, their involvement in various transactions, including investments in companies like Danske Commodities and HSL Technologies, showcases their broader strategy in the energy sector, while still maintaining a connection to traditional fuel sources.


4. EG Group

  • Website: eg.group
  • Type: Corporate
  • Headquarters: Blackburn, England, United Kingdom (UK)
  • Founded year: 2001
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: eggroup

EG Group is a corporate investor based in Blackburn, England, that specializes in convenience retailing, operating filling stations, convenience stores, and food service outlets across various international markets. Founded in 2001, the company has grown significantly, serving millions of customers annually. Notably, EG Group has made strategic acquisitions to enhance its presence in the gas station industry, including the acquisition of Cumberland Farms, which operates approximately 600 convenience retail stores and fuel stations. Additionally, the company acquired 69 Certified Oil convenience stores and gas stations in Kentucky, West Virginia, and Ohio, and all 54 Fastrac Markets convenience stores and gas stations, further solidifying its position in the U.S. market. These transactions highlight EG Group's focus on the gas station sector while also maintaining a broader retail strategy.


5. Mercuria


Mercuria Energy Group Ltd. is a global energy trading company based in Geneva, Switzerland, founded in 2004. With a workforce of 1001-5000 employees, Mercuria operates in the commodity markets, focusing on crude oil, natural gas, and renewable energy. The company provides trading services and invests in sustainable projects, catering to various industries reliant on energy procurement and management. Notably, Mercuria has made significant strides in the gas station sector by acquiring Roadgas Limited, which specializes in bio-CNG and bio-LNG stations in the UK, aimed at enhancing the decarbonization of heavy transport fleets. Additionally, their acquisition of Noble Americas Gas & Power Corp. further emphasizes their commitment to the natural gas market. Mercuria's strategy includes a commitment to invest 50% of its capital in energy transition projects by 2026, showcasing their proactive approach to evolving energy needs and sustainability.


6. Groupe Crédit Agricole

  • Website: credit-agricole.com
  • Type: Private Equity
  • Headquarters: Montrouge, Île-De-France, France
  • Founded year: 1894
  • Headcount: 10001+
  • Number of deals in 2024: 18
  • LinkedIn: credit-agricole

Groupe Crédit Agricole is a cooperative banking group based in Montrouge, Île-De-France, France, founded in 1894. It provides a comprehensive range of financial services, including banking, insurance, and investment management, with a focus on mutuality and social responsibility. In recent years, Crédit Agricole has been active in the energy sector, participating in significant debt financing transactions. For instance, they were involved in a $600 million debt financing for Southern California Gas in November 2022, which is a key player in the gas distribution industry. Additionally, they participated in an $8 billion debt raise for the Abu Dhabi National Oil Company in June 2020, further demonstrating their commitment to the energy sector. These transactions highlight Crédit Agricole's role as a financier in the gas industry, making them a relevant investor in the context of gas stations.


7. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has a diverse portfolio, with notable transactions in the gas station context, including the acquisition of Pilot Flying in 2008, which operates a network of travel centers and gas stations across the United States. Additionally, they raised funds for Moto Hospitality in 2015, which operates services at motorway service areas, further emphasizing their involvement in the gas station and related sectors. Their investment strategy focuses on delivering sustainable value and growth through strategic investments, which is evident in their varied portfolio.


8. NWF Group PLC

  • Website: nwf.co.uk
  • Type: Corporate
  • Headquarters: Wardle, England, United Kingdom (UK)
  • Founded year: 1871
  • Headcount: 1001-5000
  • LinkedIn: nwf-group-plc

NWF Group PLC is a corporate investor based in Wardle, England, specializing in logistics and distribution services across the UK. Founded in 1871, the company connects suppliers with over 111,525 customers, providing essential services in fuel oil distribution, ambient grocery product consolidation, and ruminant animal feed distribution. Notably, NWF Group has made several strategic acquisitions in the fuel sector, including Broadland Fuels in 2005, Staffordshire Fuels in 2015, and Ron Darch & Sons Co Ltd in 2020. These acquisitions highlight their commitment to expanding their footprint in the fuel distribution market, making them a significant player in the gas station industry.


9. AP Ventures

  • Website: apventures.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2018
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: apventures

AP Ventures is a London-based venture capital firm founded in 2018, specializing in early-stage investments in hydrogen and decarbonisation technologies. The firm aims to support startups that develop innovative solutions for sustainable energy, aligning with the UN Sustainable Development Goals. Notable transactions include their investment in Infinium, which raised significant funding for its Electrofuels™—a net-zero carbon alternative to traditional fuels, suitable for use in various transport fleets, including those serviced by gas stations. Additionally, AP Ventures has invested in Greyrock Energy and Fabrum, both of which are involved in zero-emission technologies, further emphasizing their commitment to sustainable energy solutions that could transform the gas station industry.


10. DCC plc

  • Website: dcc.ie
  • Type: Corporate
  • Headquarters: Dublin, Dublin, Ireland
  • Founded year: 1976
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dcc-plc

DCC plc is a corporate investor based in Dublin, Ireland, founded in 1976. The company operates primarily in the energy, healthcare, and technology sectors, providing energy management services and solutions to businesses. DCC has made notable strides in the gas sector, particularly through its acquisitions. In 2021, DCC acquired Jones Oil, a significant fuel distributor in Ireland, enhancing its footprint in the local market. Additionally, DCC has expanded its presence in the U.S. LPG market with the acquisition of United Propane Gas for $145 million, which nearly doubled its customer base. Other relevant transactions include the acquisition of Benegas, which involved BP's liquefied petroleum gas distribution business in the Netherlands, and Pacific Coast Energy, marking DCC's entry into the U.S. propane market. These strategic acquisitions underscore DCC's commitment to the energy sector, particularly in gas distribution, making it a relevant investor in the gas station context.


11. Repsol

  • Website: repsol.com
  • Type: Corporate
  • Headquarters: Madrid, Madrid, Spain
  • Founded year: 2011
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: repsol

Repsol is a corporate energy company based in Madrid, Spain, founded in 2011. It provides a diverse range of energy solutions, including gas, electricity, and renewable energy products, catering to both households and businesses. Repsol has been actively expanding its portfolio through strategic acquisitions, such as the purchase of the Saint John LNG terminal, which enhances its capabilities in the gas supply sector. Additionally, their acquisition of Gana Energía and a minority stake in Enerkem reflects their commitment to diversifying their energy offerings. With a focus on innovation and sustainability, Repsol is positioning itself as a comprehensive energy provider, making it a relevant investor in the gas station industry.


12. Vitol

  • Website: vitol.com
  • Type: Corporate
  • Headquarters: Rotterdam, South Holland, Netherlands
  • Founded year: 1966
  • Headcount: 1001-5000
  • Number of deals in 2024: 4
  • LinkedIn: vitol-b.v.

Vitol is an energy trading company founded in 1966, headquartered in Rotterdam, Netherlands. It specializes in the trading and distribution of crude oil, gas, and sustainable energy solutions, serving industrial and utility customers globally. With a robust logistics network, Vitol efficiently manages the flow of energy products to meet client needs. Notably, Vitol has made significant investments in the gas station sector, including the acquisition of Vivo Energy for $2.3 billion in 2021, which operates a network of service stations across Africa. In 2017, they acquired Petrol Ofisi for $1.45 billion, a leading fuel distribution company in Turkey with a vast network of gas stations. Furthermore, their acquisition of a 50% stake in Rodoil in Brazil, which has around 300 branded service stations and a distribution network for over 1,400 additional stations, highlights their commitment to expanding their presence in the gas station market. These transactions underscore Vitol's strategic focus on enhancing its footprint in the gas station industry.


13. Ardian

  • Website: ardian.com
  • Type: Private Equity
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1996
  • Headcount: 1001-5000
  • Number of deals in 2024: 21
  • LinkedIn: ardian

Ardian is a prominent investment management firm based in Paris, specializing in private equity, real assets, and credit solutions. Founded in 1996, Ardian has established a global presence and focuses on sustainable finance, aiming to create lasting value for its clients, which include institutional investors, family offices, and pension funds. Notably, Ardian has been involved in several transactions relevant to the gas station industry, such as their investments in CLH Group, which has raised funds through post-IPO equity rounds and private equity, indicating a strong position in the oil and gas logistics sector. Additionally, Ardian's acquisition of Géosel in 2015 highlights their commitment to companies involved in the storage and transportation of hydrocarbons, further aligning them with the gas station supply chain. These transactions demonstrate Ardian's strategic interest in sectors that support gas station operations, making them a noteworthy investor in this space.


14. TotalEnergies Ventures


TotalEnergies Ventures is the corporate venture capital arm of TotalEnergies, a global integrated energy company based in Paris, France. Founded in 2008, TotalEnergies focuses on providing a wide range of energy solutions, including oil, natural gas, and renewable energy, while emphasizing sustainable practices and reducing carbon emissions. The firm has been involved in various investment rounds, including significant transactions such as a $56 million Series C investment in Booster, which is focused on on-demand fuel delivery, and multiple investments in Gevo, a company specializing in renewable fuels. These transactions highlight TotalEnergies Ventures' commitment to exploring innovative energy solutions that align with the evolving landscape of the gas station industry, particularly as it transitions towards more sustainable energy sources.


15. iCON Infrastructure LLP


iCON Infrastructure LLP is a private equity investment firm based in London, England, specializing in infrastructure investments. Founded in 2011, the firm manages funds for institutional investors, including pension funds and insurance companies, seeking reliable investment returns. iCON Infrastructure has a diverse portfolio that includes various sectors, with notable transactions such as the acquisition of Gasnätet Stockholm in 2016 and Firmus Energy in 2014, both of which are involved in energy infrastructure. Additionally, their acquisition of Service Terminal Rotterdam in 2015 further emphasizes their focus on energy-related assets. In 2023, they also acquired Sonorgás, a company in the bioenergy sector, showcasing their commitment to energy investments. These transactions highlight iCON Infrastructure's active role in sectors that are relevant to gas stations, making them a significant player in the energy infrastructure landscape.


16. Omv

  • Website: omv.com
  • Type: Corporate
  • Headquarters: Vienna, Vienna, Austria
  • Founded year: 1956
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: omv

OMV is an integrated oil, gas, and petrochemical company based in Vienna, Austria, founded in 1956. It operates in both upstream and downstream sectors, providing oil, gas, and petrochemical products to various businesses and organizations. OMV is committed to sustainability and innovation, focusing on reducing carbon emissions and promoting circular economy practices. Notably, OMV has made significant investments in the gas station sector, including the acquisition of a 51% stake in SNP Petrom SA, Romania's largest oil and gas company, which enhances its production capabilities. In 2024, OMV Slovakia, a subsidiary of OMV, acquired a network of 27 filling stations under the Benzinol brand, strengthening its position as the second-largest chain of filling stations in Slovakia. This strategic move demonstrates OMV's commitment to expanding its footprint in the gas station market.


17. Development Bank of Wales


The Development Bank of Wales is a public entity established in 2001, dedicated to providing financial support to Welsh businesses through loans and equity investments. With a focus on facilitating business growth and economic development in Wales, the bank offers a range of financial products tailored to the needs of small and medium-sized enterprises. Among its notable transactions, the bank has invested in Oil4Wales, which raised $450,718 in debt financing in 2018, indicating its support for the fuel distribution sector. Additionally, it invested in FuelActive, which raised $1,591,242 in a venture round in 2020, further showcasing its involvement in the gas and fuel industry. These transactions highlight the bank's commitment to supporting businesses that operate within the gas station context, making it a relevant player in this sector.


18. Crédit Agricole CIB

  • Website: ca-cib.com
  • Type: Corporate
  • Headquarters: Montrouge, Île-De-France, France
  • Founded year: 2004
  • Headcount: 5001-10000
  • Number of deals in 2024: 17
  • LinkedIn: credit-agricole-cib

Crédit Agricole CIB is an investment bank based in Montrouge, Île-De-France, France, founded in 2004. It provides a comprehensive range of financial services, including structured finance, investment banking, and capital markets solutions, primarily serving corporate clients and financial institutions. The bank has a global presence and is adept at helping clients navigate complex financial landscapes. Notably, Crédit Agricole CIB has been involved in significant transactions within the energy sector, including a $707 million debt financing for Gazprom, a major player in the oil and gas industry, and a $600 million debt financing for Gunvor Group, a prominent energy trading company. These transactions highlight the bank's active role in financing companies that are integral to the gas supply chain, further supporting its relevance to the gas station industry.



Gas Station Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
ShellLondon, England, United Kingdom (UK)10001+190720
TotalEnergiesFrance10001+192411
EquinorStavanger, Rogaland, Norway10001+19726
EG GroupBlackburn, England, United Kingdom (UK)10001+20013
MercuriaGeneva, Geneva, Switzerland1001-500020047
Groupe Crédit AgricoleMontrouge, Île-De-France, France10001+189418
CvcLuxembourg1001-5000200516
NWF Group PLCWardle, England, United Kingdom (UK)1001-500018710
AP VenturesLondon, England, United Kingdom (UK)11-5020184
DCC plcDublin, Dublin, Ireland10001+19763
RepsolMadrid, Madrid, Spain10001+20116
VitolRotterdam, South Holland, Netherlands1001-500019664
ArdianParis, Île-De-France, France1001-5000199621
TotalEnergies VenturesParis, Île-De-France, France10001+20080
iCON Infrastructure LLPLondon, England, United Kingdom (UK)51-20020111
OmvVienna, Vienna, Austria10001+19563
Development Bank of WalesWrexham, Wales, United Kingdom (UK)201-500200126
Crédit Agricole CIBMontrouge, Île-De-France, France5001-10000200417


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