Stonepeak acquires 65% stake in Castrol

Stonepeak today announced it has completed the acquisition of a 65% stake in Castrol, a global leader in lubricants will retain a 35% minority interest in Castrol.

With Stonepeak’s backing and continued support from bp, Castrol will build on its position as one of the world’s largest providers of mission-critical lubricants and thermal management fluids to consumer automotive, commercial, and industrial end markets. The new ownership structure gives Castrol greater financial and operational flexibility, allowing the business to accelerate growth across its existing footprint and into adjacent markets, backed by the brand's technology, customer relationships, and global reach.

"This is an exciting milestone in Castrol’s 127-year history, and we are excited to be a part of it. In close collaboration with Castrol’s exceptional leadership team and employees, our near-term efforts will focus on operational improvement and sustainable growth. We believe Castrol has an incredibly bright future ahead and we look forward to helping Castrol expand its market-leading position, continue to deliver for its customers, and drive its next phase of growth", Anthony BorrecaSenior Managing Director at Stonepeak.

"Castrol begins the next part of its journey from a position of real strength, with trusted brands, strong customer relationships, talented colleagues and a clear strategy for growth. I am proud of what we have achieved as part of bp. I am also excited to work with Stonepeak to build on that momentum, unlock Castrol’s full potential, and deliver greater value for our stakeholders", Michelle JouCastrol Chief Executive Officer said.

As stated in the announcement press release, Canada Pension Plan Investment Board (“CPP Investments”) will also invest in support of the transaction as an indirect minority holder.

In conjunction with closing, a newly formed Board of Directors has been appointed for Castrol that will be chaired by Ben van Beurden, Chairman of Clariant AG and former Chief Executive Officer of Shell plc. The Board will consist of four independent directors including the Chair, three directors affiliated with Stonepeak, two directors from bp, and one director from CPP Investments. Each of the directors bring significant and relevant expertise that will be beneficial to Castrol.\

"Few companies are as closely tied to how the world moves as Castrol, and I am delighted to have been appointed as Chair. With the expertise of Castrol’s exceptional team and Stonepeak, we will build on the legacy of trust and quality this iconic brand has established. Together, we will strive to continue to meet and exceed the expectations of our customers and partners to keep the world moving seamlessly. I could not be more excited about Castrol’s future, and am looking forward to getting started", Ben van Beurden, Chairman of the Board of Directors.