Helios Investment Partners and Vitol have sold their holdings in OVH Energy to a trade buyer, exiting a business they first backed in 2016. Helios and Vitol originally invested $210 million in what was then Nigerian energy group Oando Plc’s downstream business, suggesting that the exit may be one of the bigger private equity-related deals of the year so far. The terms of the sale to Nueoil Energy, a Nigerian business, have not been disclosed.
OVH Energy consists of two core business units; OVH Energy Marketing which licenses Oando’s retail brand and ASPM Limited, operators of a jetty and subsea pipeline system. custodians of the Lagos Midstream Jetty, also known as West Africa’s First Privately Owned Midstream Jetty.
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