Moure Group buys Petroest to grow in the Balearic Islands

The Moure Group, owner of the low-cost Autonetoil gas stations and the Elefante Azul car wash centers, buys the Balearic company Petroest to establish itself in the islands and maintain strong growth.

Oliver Thansan
Oliver Thansan
28 November 2023 Tuesday 03:26
18 Reads
Moure Group buys Petroest to grow in the Balearic Islands

The Moure Group, owner of the low-cost Autonetoil gas stations and the Elefante Azul car wash centers, buys the Balearic company Petroest to establish itself in the islands and maintain strong growth. It will add to its network two facilities in Palma and one in Manacor, which already operated with a model very similar to its own and which will be transferred to its brands. The Balearic bet is double, since the group has also just opened its largest mixed center in Manacor (2,600 square meters). “We managed to put ourselves in a very strong and powerful position in the Balearic Islands,” comments Marcos Moure, founder and president. With the signing of the sale this Tuesday, it reaches 11 facilities in the region, which contributes half of its income.

The purchase amount is not shared: it is included in the 10 million euros of investment this year, more than triple that of last year. At 8 years old, “Petroest is healthy, with a good EBITDA (about 1.2 million) and has done things well.” Until October it had a turnover of 22 million and would close the year at 26 million. Its 21 workers go to the Moure Group, which generates 150 jobs.

With headquarters in Alella and activity “throughout Spain”, especially in Catalonia and the Balearic Islands, the group expects to bill 110 million this year, 17% more, and a profit of 5 or 6 million, similar to previous years. In 2023 there will be 5 facilities, one more than planned, up to 71: 51 for washing (of which 31 are franchised) and 20 gas stations (2 franchised). Next year, when Petroest already contributes every month and other purchases are made, total income would increase by 30%.

Marcos Moure, sole partner, hopes to continue growing among giants: “More than 40% of the fuel sold is already from low-cost gas stations,” a market that reports 90% of the income. “The beginning of the year was bad between the war in Ukraine and the changes (end of the 20 cent bonuses) but sales and margin have been recovering.” The idea is to maintain the pace and in 2024 it foresees 3 or 4 openings, apart from purchases. Everything at will, without the entry of industrial partners or divesting of assets. Even ruling out selling the company if a big deal comes along: “We are buying, not selling.” Following movements in the sector, such as the purchase of Ballenoil by Cepsa, it remains “attentive” in case the regulator forces it to sell facilities. With the slowness of the city councils, it is easier to buy than to open, it is noted.

It also wants to promote Washnet Factory, a company with which it manufactures and installs washing centers, expanding its facilities in Vic; and diversify, with a recent foray into the manufacturing of pleasure boats, which would reach 10-15 million in two or three years.