Service station and oil distribution provider Corrib Oil has agreed a deal to buy forecourt retailer H2 Group.
The deal will see Corrib Oil acquire 13 retail sites based across the south and east of Ireland, expanding the Corrib Retail footprint to 33 stores in total.
The new sites are located in Listowel in Co Kerry, Kildare, Limerick, Tipperary, Dublin, Laois, Offaly and Cork.
Today's deal is still subject to approval by the competition regulator.
Corrib Oil, founded in Claremorris in 1987, operates two distinct divisions, Corrib Retail and Corrib Distribution.
Corrib Retail has 20 convenience stores with forecourts; while Corrib Distribution, a distributor of heating oils and fuel, operates through 21 depots across 14 counties.
All of the Corrib Retail convenience stores are branded as Spar, while all forecourts are branded Circle K or Texaco, with instore partners including Insomnia and Chopped.
After today's deal is complete, Corrib will operate across 54 sites in 16 counties in total - 20 Corrib service stations, 21 oil distribution depots and 13 H2 Group retail sites.
It currently employs 700 people and the addition of the H2 Group to Corrib Oil will bring total employee numbers to over 1,000 people.
Founded in 2004 and headed by Sean Heaphy, the H2 Group operates 13 retail sites, 11 service stations and one convenience store, with its 13th due to open in Kenmare in Co Kerry next month.
The business operates its service stations under the Texaco and Top brands, while all stores are Spar branded. In store partners include Insomnia, Apache and Subway.
Eugene Dalton, Corrib Oil's chief executive, said the acquisition of H2 Group is a significant step in its growth strategy, presenting an opportunity for both the retail and distribution businesses to develop further.
"Adding the company's leading and strategically positioned retail sites to our portfolio expands our presence and our retail footprint across the country, with 54 sites in 16 counties," Mr Dalton said.
"Our expanded business will have the scale, breadth and capabilities to compete more effectively and offer an enhanced and expanded service to more customers, through our leading brand partners and our home heating and oil services," he added.
Sean Heaphy, Managing Director of H2 Group, said that the acquisition was a positive development and a great opportunity for both businesses.
"The merger of both businesses means we're creating a larger retail group and offering in Ireland and, together with our partner network, can capitalise on this scale for our employees, suppliers and partners," Sean Heaphy said.
"The acquisition is testament to the strong business that our team has built over the past 17 years, and I look forward to working with Eugene and team in further developing the Corrib Oil business," he added.
