Investment funds Tensile Capital Management and Portobello Capital have acquired a controlling stake in Spanish company Plenoil. The aim of the transaction is to accelerate the expansion plan of the company's service station network in Spain, support its entry into the Portuguese market and boost the deployment of electric vehicle chargers throughout the network.

Founder and CEO José Rodríguez de Arellano will keep his position and stake in the company, which operates a network of 224 low-cost and pay-at-pump service stations. Since it opened its first point of sale in 2015, Plenoil has according to its own figures become the fastest growing network in its industry, and will even account for almost half of the new openings in Spain in 2023.

Doubling the network in three years
With a presence on the Spanish mainland and in the Balearic and Canary Islands, the brand has a wide portfolio of locations and an ambitious project to reach at least 500 service stations by 2027. In the more immediate future, for this year it has set itself the goal of entering the Portuguese market. By the end of 2024, it has also set itself the challenge of offering electric vehicle charging at over 75% of its current network. More than 80% of points are already equipped with solar panels at the moment, which reduce their own energy consumption.

Rodríguez de Arellano recounts how, since opening his first outlet, “we have sought to respond to consumer demand, transforming the service station market by providing energy at the best possible price, with the fastest possible delivery, the highest quality and maximum environmental efficiency.

After more than seven years of successful trajectory, and having positioned ourselves as leaders in the pay-at-pump service station industry, we are very proud that quality investors like Tensile and Portobello, led by Doug and Victor, have decided to jointly invest again in our country and, specifically, in Plenoil. This will allow us to accelerate our growth in Spain and Portugal, being able to reach more customers with our product, applying the latest technology and the most efficient organisation.”

Innovative and disruptive company
Founder and Executive Partner of US fund Tensile, Doug Dossey, described the CEO as a “successful and respected founder who has brought Plenoil to its current level of success as an innovative and disruptive company. In the next phase, we are seeking to accelerate growth and guide the next stage of organisational development. This is our second partnership with a founder in Spain, and we are delighted to do so this time with Portobello, given their local presence and equally strong track record of collaboration.”

The partner of the Spanish fund Portobello, Víctor Virós, is in turn very excited “to join forces with Tensile to support the next stage of growth for Plenoil, providing our local expertise to achieve the ambitious business plan that lies ahead. We are also delighted to partner with José and the management team, with whom we have built a very close relationship and share a vision for the coming years.”

^{Photo: Plenoil}