Business support services group DCC has bought UK-based oil distribution firm Bayford Oil for a cash consideration of €24.7m.
Operating from 14 locations, mainly in the North of England, Bayford has a fleet of 60 road tankers and 155 employees. It is expected to add about 12% to DCC's annualised oil volumes in the UK.
It sold 468 million litres of oil last year and reported an adjusted operating profit of 3.9m for the year to the end of June.
DCC says the company is a 'particularly' good fit with its existing oil distribution business in the north of England and added that it is confident that its integration will yield significant synergies.
'The acquisition of Bayford Oil represents a further step in DCC's continuing strategy of consolidating the fragmented oil distribution business in Britain,' commented DCC's chief executive Tommy Breen.
DCC shares closed eight cent higher at €17.73 in Dublin this evening.
