Topaz Energy Group has announced the acquisition of the retail and commercial business of Statoil in the Republic of Ireland. It is understood the group paid in the region of €280m.
A year ago, Topaz acquired the retail and commercial fuels and lubricants business of Shell in the Republic of Ireland and in Northern Ireland and the company now plans to merge the two businesses. The consideration was not disclosed.
The acquisition of Statoil's fuel distribution business in Ireland includes oil importation facilities in Dublin, Cork and Galway with 12 regional depots and 69 retail service stations. The company also sells gasoil, diesel and kerosene into all sectors of the market.
Topaz will also acquire worldwide rights to the Fareplay brand, which is the leading forecourt retailing brand in Ireland.
Neil O'Leary, chairman of Topaz and chief executive of Ion Equity, confirmed that the business was being bought as a long term investment.
'Our intention is to merge the business of Statoil with the current operations of Topaz to create one of the country's leading fuels distribution businesses. For the first time in the history of the State an Irish owned company will have a leading position as a supplier of fuel to the market and the needs of Irish customers will be the premier driver of future strategy,' said O'Leary.
The transaction needs clearance from the Irish Competition Authority. Topaz, which is 100% owned by a consortium led by Ion Equity, was created a year ago to complete the Shell acquisition.
