Puma Energy becomes largest independent in Australia

The Australian independent fuel market will become stronger today with the announcement that global fuel distributer, Puma Energy, will acquire Ausfuel from Archer Capital to become Australia's largest independent fuel retailer. The acquisition will bring much needed competition to the market, ensuring Australia's independent fuel operators can maintain their valuable foothold.

The acquisition of Ausfuel, owner of Gull, Choice and Peak service stations, will add 110 retail sites and 11 depots to Puma Energy's existing Australian portfolio, making it the largest independent fuel retailer with sites in Western Australia, Northern Territory, Queensland, South Australia and New South Wales.

Puma Energy will acquire 100% of Ausfuel from Archer Capital and other minority stakeholders. Archer is one of Australia's leading private equity investors and has demonstrated a stellar track record of building and growing businesses in Australia in recent years. The growth and exit of Ausfuel follows recent successful deals including MYOB, Rebel Sport, Cellarmasters and iNova Pharmaceuticals.

The announcement comes just weeks after Puma Energy announced its first investment in Australia, acquiring Neumann Petroleum's retail portfolio of more than 120 service stations in Queensland and New South Wales.

Puma Energy's General Manager for Australia Ray Taylor said that the company had been planning its entry and growth into the market for several years and the shift in market dynamics made strong independent fuel businesses like Ausfuel and Neumann the perfect partners to leverage Puma Energy's global connection and import supply. "Ausfuel is a successful business that has grown through understanding its local market, hard work and employing a strong team," said Mr Taylor.

"We have chosen a partnership with Ausfuel because it's a strong business with the right culture and an excellent team to support it, and we believe Ausfuel will be a good strategic fit for Puma Energy. Puma Energy provides access to independent fuel supply and opportunities to help businesses like Ausfuel and Neumann grow their market share and expand into new regions and ultimately bring more competition to the Australian fuel market," said Mr Taylor.

Archer Capital bought a majority stake in Ausfuel in May 2010. Managing Director Peter Gold said Archer was pleased to have reached the agreement with Puma Energy on the sale of Ausfuel. "We have been successful in building this business from selling 300 million litres per annum to more than 1.2 billion litres per annum in less than three years, and in the process have significantly improved its performance, revenues and profitability. We are delighted to be selling to Puma Energy who share a similar vision and can take it to the next level," said Mr Gold.

The Ausfuel acquisition extends Puma Energy's geographical reach to Western Australia, Northern Territory and South Australia, whilst adding to its reach in regional Queensland. Through its Neumann acquisition, Puma Energy also has retail sites throughout Queensland and New South Wales.

Mr Taylor also said that both the Ausfuel and Neumann Petroleum businesses complemented each other, with stakes in diverse geographies and a shared entrepreneurial spirit. "We believe the two businesses will fit together perfectly and we are not about to change the dynamics of two successful businesses," said Mr Taylor.

Ausfuel CEO Brooke David said the company strongly supported the acquisition and that he looked forward to working with Puma Energy to build the business his father started 30 years ago. "Ausfuel is a family business at its core and we are confident that Puma Energy understands how to take our business to the next level, whilst ensuring the business remains true to its roots," said Mr David. "Puma Energy's record in the market demonstrates it is committed to developing its staff, growing its business and maintaining local management and culture, and this is what Ausfuel is looking for."

Puma Energy's global CEO Pierre Eladari said that the company was committed to growing Australia's independent fuel market. "The change in market dynamics, the closing of refineries and the growing volume of imports into Australia has opened up a great deal of opportunity for Puma Energy to invest into the Australian market," said Mr Eladari.

"We are truly an independent operator and we are not affiliated with any other supplier or marketer in the country, meaning we can give our customers and other independent operators greater choice and value."

Singapore-based Puma Energy is already active in North East Europe, the Middle East, Africa, Latin America, the Caribbean and Asia including Indonesia, Vietnam, Singapore and Malaysia. Formed in 1997 in Central America, Puma Energy has since expanded its activities worldwide to include a retail network of more than 1,500 service stations and 5,000 employees.

Morgan Stanley acted as financial advisor to Archer Capital on this transaction, and RFC Ambrion advised Puma Energy.

Further Information

For Australian press enquiries please contact:

Puma Energy
Cole Lawson Communications
Margaret Lawson
Tel: +61 (0) 7 3221 2220 or +61 (0) 419 643 243
margaret.lawson@colelawson.com.au

Archer Capital
Peter Gold, Managing Director
Tel: +61 (0) 2 8243 3333

For global press enquiries please contact:

Puma Energy Global Press Office
media@puma-energy.com

Note to Editors:

Ausfuel

Ausfuel is a leading energy distribution group with a 30 year history and operations in fuel retailing, distribution and transportation. Ausfuel has operations in the Northern Territory servicing remote regional areas with addition reach into Queensland, Western Australia and South Australia.

Ausfuel owns Gull Petroleum, Choice Petroleum and Peak Petroleum brands.

Gull is Ausfuel's leading retail brand in Western Australia and the Northern Territory with a portfolio of 98 service station sites and a developing commercial fuels distribution business servicing the growth regions in WA and the NT.

The Choice operation comprises 21 company owned sites and 20 Choice-branded reseller service stations.

Puma Energy

Puma Energy is an integrated midstream and downstream oil company active in Africa, Latin America, the Caribbean, North East Europe, the Middle East and Asia. Formed in 1997 in Central America, Puma Energy has since expanded its activities worldwide, achieving rapid growth, diversification and product line development.

The group manages over 5,000 people and now operates in over 35 countries worldwide, with regional hubs in Tallinn (Estonia), Johannesburg (South Africa), San Juan (Puerto Rico) and Singapore. Puma Energy's core activities in the midstream sector include the supply, storage and transportation of petroleum products. Puma Energy's activities are underpinned by investment in infrastructure which optimises supply chain systems, capturing value as both asset owner and marketer of product.

Puma Energy's downstream activities include the distribution, retail sales and wholesale of the full range of refined products, with additional product offerings in the lubricants, bitumen, LPG and marine bunkering sectors. Puma Energy now has a global network of over 1,500 retail service stations. Puma Energy also provides a robust platform for independent entrepreneurs to develop their businesses, by providing a viable alternative to traditional market supply sources.

Puma Energy LLC is a subsidiary of Dutch-based Trafigura Beheer B.V. - one of the world's largest independent commodity traders. Sonangol (the national oil company of Angola) is a 20% shareholder in Puma Energy. www.puma-energy.com

Archer Capital

Archer Capital is one of Australia's leading private equity firms, with $3 billion in funds under management and a track record of delivering successful outcomes to its investors since 1997. Archer Capital is an established market leader in leveraged buyouts in Australia and New Zealand. Since inception Archer Capital's Partners and executives have closed over 30 acquisitions involving total aggregate funding in excess of $5 billion.

Archer Capital is unique in the Australian buyout industry in that its team possesses significant operational and general management experience. A hands-on, operational approach is an essential part of Archer Capital's investment process, from opportunity assessment to ongoing portfolio company management. Recent deals exited include Rebel Sport, MYOB, iNova and Cellarmasters. Post the exit of Ausfuel, Archer Funds will still own Quick Service Restaurant Holdings (the Red Rooster, Chicken Treat and Oporto franchisor), Healthe Care, V8 Supercars and Brownes Foods. www.archercapital.com.au

Neumann Petroleum

Neumann Petroleum is an Australian independent fuel marketer which operates more than 120 service stations under the Neumann or Matilda brands from Gladstone to Toowoomba in the West and as far south as Eden on the New South Wales South Coast.

Neumann Petroleum also owns and operates a bulk seaboard fuel terminal located at Eagle Farm, Brisbane serving customers include local service stations, distributors, primary producers and commercial end-users. The company is a leader in biofuels, providing ethanol enriched fuel (E-Gen) and biodiesel. www.neumannpetroleum.com.au