Topaz Energy Group has announced the formal completion of its deal to acquire the retail and commercial business of Statoil in the Republic of Ireland from Statoil ASA.
Last year, Topaz purchased the retail and commercial fuels and lubricants business of Shell in the Republic of Ireland and in Northern Ireland. Following today's completion, turnover at the company will be around €2 billion.
Topaz, which is owned by a consortium led by Ion Equity, was created in 2005 to complete the Shell acquisition. The company is chaired by Neil O'Leary, CEO of Ion Equity.
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.
Topaz CEO Danny Murray said the deal would be good for Irish consumers : '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'.
Neil O'Leary, Chairman of Topaz and Chief Executive of Ion Equity, confirmed that the business was being bought as a long term investment.
