DCC has today agreed a deal to buy Swedish firm Swea Energi from Lennart and Viviann Hansson for €22.7m. Another €6.6m will be payable depending on Swea's operating performance over the next year.
Swea distributes heating oils and transport fuels to domestic, commercial and industrial customers in Sweden. It sells about 500 million litres of oil a year to customers throughout Sweden and employs a total of 54 staff across a network of seven sales offices with transport outsourced to a number of regional hauliers.
It reported operating profits, before tax, of €5.5m for 2010.
The deal is conditional on competition approval from the European Commission and DCC expects the transaction will be completed in early 2012.
"The acquisition of Swea is a significant expansion of DCC's oil distribution business in Scandinavia, building on our acquisition of Shell's oil distribution business in Denmark in 2009,'' commented DCC's chief executive Tommy Breen.
