Total South Africa and Gulfstream Energy have approved a merger agreement, which will see the energy company purchasing 30% of the South African, 100% black-women owned independent petroleum wholesaler that services the local market.
“Gulfstream Energy is one of South Africa’s largest independent petroleum wholesalers. Working with Gulfstream makes good business sense and affords us the opportunity to extend our integrated offering,” said Pierre -Yves Sachet, CEO, Total South Africa.
“We look forward to working with the Gulfstream Energy team to take our business and theirs to new heights.”
The merger was concluded at the end of February 2018 following approval from the Competition Commission Tribunal on 21 February 2018. Total will have two representatives on the Gulfstream board of directors who will partner with the current board in providing support, guidance and strategic direction to the business.
“We are very excited by this development,” said Shane Jegels, CEO, Gulfstream. “The backing by a global brand of Total’s reputation and standing brings an extra layer of credibility to Gulfstream Energy, adding even more impetus to our mission of ‘Making Business Easy’ for our customers.
“Notwithstanding, this partnership will aim to accelerate Gulfstream’s growth in the industry, which to date has already been impressive since starting out in 2009.”
Both partners said they are committed to meeting their independent and collective responsibilities towards all their stakeholders and will provide regular and transparent updates on further outcomes of the merger as needed.