Olerex acquires Latvian fuel retailer
This is the second acquisition by Olerex in Latvia after entering the market in 2021.
Estonian fuel retailer Olerex has acquired a network of 29 petrol stations from Gotika Auto in Latvia. This is the second acquisition by Olerex in Latvia after entering the market with the purchase of KOOL in August 2021.
“Latvian market has received us well. That encourages us to continue our expansion. We continue evaluating next purchase targets and will pay fair price for the assets we are interested in,” said Antti Moppel, CEO of Aqua Marina, holding company for Olerex group.
Olerex is the only retailer of Baltic origin that is present in all the three countries of the region. The Gotika Auto sites in Latvia will gradually be rebranded as KOOL.
“We appreciate both the transaction price and our stations future as part of Olerex/KOOL international petrol station network. We will use the proceeds from the sale to develop our new and challenging fintech projects,” said Stanislav Raspopov, Member of the Board of Gotika Auto.
Olerex is the Estonian fuel retail market leader with 100 service stations in Estonia. Aqua Marina now has a network of 39 sites in Latvia, and 5 stations in Lithuania.
