PURAGLOBE Announces Appointment of Alois Virag as Chief Executive Officer

Dr. Virag will lead the Company's global expansion and innovation strategy as CEO

TAMPA, Fla., Aug. 8, 2024 /PRNewswire/ -- PURAGLOBE Holding GmbH (PURAGLOBE), the leading high-volume producer of sustainable Group III/III+ base oils and synthetic motor oils from recycled sources, is pleased to announce the appointment of Dr. Alois Virag as Chief Executive Officer, effective immediately. Dr. Virag succeeds Andreas Schueppel, who is stepping down after almost 20 years of transformative leadership that established PURAGLOBE as a global leader in the re-refined lubricants space.   

Dr. Virag brings 35 years of expertise in refining and petrochemicals, having played a pivotal role in scaling innovative technologies and managing major operations across Europe, Asia, and the Middle East. His track record includes leading OMV's acquisition of a minority position in ADNOC Refining and the creation of a multi-billion-dollar joint venture. He also spearheaded the development and commercialization of OMV's ReOil technology.  

"Dr. Virag will bring his exceptional leadership skills to drive our global expansion into North America and Asia with strategic partners, all while ensuring we maintain our top-tier product quality and operational performance," said Peter Saldarriaga, Managing Director, Ara Partners. "His extensive experience in fostering strong business relationships and achieving significant cost savings will be invaluable as we embark on our next phase of growth."   

Dr. Virag joins from Nayara Energy, a leading downstream Energy company and the second-largest private integrated refining and marketing company in India, where, as Chief Executive Officer for the past three years, Dr. Virag oversaw operations of a 20 million ton per annum refinery, 6,500 retail outlets, and a comprehensive supply and trading organization. Under his leadership, Nayara significantly increased profitability and achieved vertical integration into petrochemicals. 

"I am thrilled to join PURAGLOBE at this exciting point in the Company's history," said Dr. Virag. "We have a unique opportunity to advance the global commercialization of PURAGLOBE's differentiated HyLube, HyLube SAT and HyRes technology. I look forward to working closely with our talented team as we commercialize our distinct products."   

"The Board of Directors would like to thank Andreas for his leadership and 20 years of dedication to PURAGLOBE," continued Saldarriaga. "His efforts have positioned PURAGLOBE as a global leader in re-refined lubricants and a pioneer in innovative technologies." 

Andreas Schueppel reflected, "Leading PURAGLOBE over the past two decades has been an honor. I am extremely proud of our accomplishments and the foundational work we've done to ensure PURAGLOBE's long-term prosperity. I extend my heartfelt thanks to the entire PURAGLOBE team and look forward to supporting Dr. Virag during this transition." 

PURAGLOBE is a portfolio company of Ara Partners, a global private equity firm that is decarbonizing the industrial economy, and Junction Capital Partners.

About PURAGLOBE
PURAGLOBE was founded in 1995 upon a commitment to innovate and promote sustainability within the oil industry and beyond. As the only high-volume producer of sustainable Group III/III+ base oils and synthetic motor oils from recycled sources, we work alongside traditional, virgin oil enterprises, like Shell, to help extend our natural oil resources. We supply advanced, sustainable base oils and blending services for motor oils, EV fluids, and lubricants. PURAGLOBE combines American ingenuity with German engineering to mitigate CO2 emissions and enable sustainable, circular economies from facilities in Tampa, Florida and Elsteraue, Germany.

About Ara Partners
Ara Partners is a global private equity and infrastructure investment firm focused on industrial decarbonization. Founded in 2017, Ara Partners seeks to build and scale companies with significant decarbonization impact across the industrial and manufacturing, chemicals and materials, energy efficiency and green fuels, and food and agriculture sectors. The company operates from offices in Houston, Boston, Washington, D.C., and Dublin. Ara Partners closed its third private equity fund in December 2023 with over $2.8 billion in new capital commitments. As of December 31, 2023, Ara Partners had approximately $6.2 billion of assets under management.

For more information about Ara Partners, please visit www.arapartners.com.

About Junction Capital Partners
Junction is a specialty investment fund focused on industrial growth opportunities. Founded in 2017, Junction is based in Houston and manages a committed capital fund as well as direct investments from institutional LPs.

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SOURCE PURAGLOBE