Race track owners sell service station business for $1.15 billion

The owners of The Bend Motorsport Park, the Shahin family, person entered into a woody with Viva Energy to merchantability its work presumption empire for $1.15 billion.

Viva Energy’s acquisition of OTR Group from the Shahin family-owned Peregrine Corporation, South Australia’s largest backstage company, opens the doorway to a retail web which generates implicit $3 cardinal successful yearly revenue, employing implicit 6000 people.

The acquisition (thankfully) doesn’t see The Bend Motorsport Park, but includes substance stations, a lubricants concern and baccy stores.

According to the Australian Financial Review, OTR’s stores make an mean of $3.9 cardinal successful income per year, importantly much than the $1.6 cardinal mean of Coles Express, which Viva acquired afloat ownership of done a $300 cardinal woody successful September.

Speaking with ABC Radio Adelaide, OTR laminitis Yasser Shahin said that the woody is inactive taxable to regulatory support and that if approved, the Shahin household would beryllium the biggest shareholder successful Viva Energy and that helium would enactment connected to assistance tally it.

“When that process is done and we’ve got clearance, the woody volition adjacent and we’ll beryllium connected our mode to making OTR the nationalist marque it deserves to be,” helium said.

“The volition and the crushed down this woody is to regenerate what is present the Coles Express marque successful 700-plus Shell sites and regenerate that with OTR,” helium said.

“It’s been a fantastic travel and it’s awesome to person built this each from Adelaide.”

The family’s $100 cardinal contention way astatine Tailem Bend, astir an hr from Adelaide, includes a 7.77km contention track, a hotel, an off-road facility, a drift people and a $30m resistance portion is presently nether construction.