Stonepeak has acquired a 65 percent stake in Castrol, a global company specializing in lubricants, from bp, which will retain a 35 percent minority interest in the company. Financial terms were not disclosed.
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.
Canada Pension Plan Investment Board (CPP Investments) also will 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, which will be chaired by Ben van Beurden, chairman of Clariant AG and former CEO of Shell. The board will consist of four independent directors including the chair, three directors affiliate
