Midlands gas station is part of Corrib Oil’s latest acquisition

0




One of Ireland’s leading providers of petrol stations and distribution, Corrib Oil, has announced that it has signed an agreement to acquire the H2 Group, which includes a Ferbane petrol station.

The deal, announced today (Monday), will see Corrib Oil acquire 13 high-quality retail locations based in southern and eastern Ireland, extending Corrib’s business footprint to a total of 33 stores .

The sale includes Texaco Spar service station, Athlone Road, Ferbane in Offaly, as well as new locations in Listowel, Co Kerry, Kildare, Limerick, Tipperary, Dublin, Laois and Cork.

Commenting on the agreement which is subject to the approval of the competition regulator, Eugene Dalton, CEO of Corrib Oil, said that the acquisition of H2 Group is an important step in the company’s growth strategy, offering a opportunity for retail and distribution business to further develop.

“At H2 Group, we see great potential and have acquired a network of strong and profitable companies, led by a team of experts. The addition of the company’s leading and strategically positioned retail locations to our portfolio expands our retail presence and footprint across the country, with 54 locations in 16 counties.

“Our expanded business will have the scale, scope and capabilities to be more competitive and deliver improved and expanded service to more customers, through our major partner brands and home heating and heating services. fuel oil, ”he said.

Corrib Oil, founded in Claremorris in 1987, operates two separate divisions, Corrib Retail and Corrib Distribution.

Corrib Retail currently operates 20 convenience stores with forecourt; while Corrib Distribution, a leading distributor of fuel oil and fuel, operates through 21 depots in 14 counties.

After maintaining a 22-year relationship with BWG Foods, all Corrib Retail convenience stores are under the Spar brand, while all forecourts are under the Circle K or Texaco brand, with in-store partners like Insomnia and Chopped.

The Corrib Distribution company supplies heating oil, highway fuels and lubricants from 21 distribution sites, operating a fleet of 78 highway trucks and 69 service vehicles across the country.

Upon completion of the acquisition agreement, Corrib will operate at 54 sites in a total of 16 counties – 20 Corrib service stations, 21 petroleum distribution depots and 13 H2 group retail sites. Currently employing 700 people, the addition of H2 Group to Corrib Oil will bring the total number of employees to over 1,000.

Founded in 2004, the H2 Group operates 13 retail locations, 11 gas stations and a convenience store, with the thirteenth scheduled to open in Kenmare, County Kerry next month.

Led by Managing Director Sean Heaphy, H2 Group currently employs 300 people. Heaphy will join Corrib Oil as a director.

Mr. Heaphy said the acquisition was a positive development and a great opportunity for both companies.

Scheduled for more than nine months, the transaction was managed by Capnua Corporate Finance.


Share.

Comments are closed.