Stonepeak has completed its acquisition of a 65% controlling stake in Castrol from bp, establishing a new ownership structure intended to give the global lubricants business greater financial and operational flexibility.
bp will retain a 35% minority interest in Castrol.
Stonepeak said the new structure will support Castrol as it pursues growth across its existing markets and expands into adjacent opportunities.
Castrol is one of the world’s largest suppliers of lubricants and thermal management fluids serving consumer automotive, commercial, and industrial markets.
The company’s products are sold in more than 150 countries and are used across automotive, marine, industrial, and energy applications.
Castrol has operated for more than 127 years and employs more than 6,000 people worldwide.
Stonepeak plans to work with Castrol’s management team on operational improvements and long-term growth initiatives while building on the company’s existing technology, customer relationships, and global distribution footprint.
Canada Pension Plan Investment Board will also participate in the transaction as an indirect minority investor.
As part of the closing, Castrol has established a new Board of Directors chaired by Ben van Beurden, Chairman of Clariant and former Chief Executive Officer of Shell.
The board consists of four independent directors, including van Beurden, along with three Stonepeak-affiliated directors, two directors representing bp, and one director representing CPP Investments.
Michelle Jou will continue to lead Castrol as Chief Executive Officer.
Stonepeak manages approximately $98 billion in assets and focuses on infrastructure and infrastructure-related investments across areas including digital infrastructure, energy and energy transition, transportation and logistics, and real estate.
The firm said Castrol’s established market position and global customer base provide a foundation for additional growth under the new ownership structure.
Stonepeak also intends to support Castrol as it broadens its presence in areas where demand for advanced lubricants and thermal management products is evolving alongside changes in transportation, industrial technology, and energy systems.
KEY QUOTES:
“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 Borreca, Senior 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 Jou, Chief Executive Officer Of 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 Of Castrol
