Takeover To Fuel Further Growth at Topaz
Published on Jul 30 2016 10:08 AM in Retail
Despite being one of the planet’s biggest convenience and fuel retail businesses with 100,000 employees worldwide, the name Alimentation Couche-Tard would have rung few Irish bells prior to this year. However, since the finalization of its €258 million acquisition of Topaz in February, the Canadian giant can be expected to exert a profound influence on the Irish convenience and fuel sector.
With 444 stations across the island of Ireland, including the recently acquired Esso station network, Topaz was already the leading player in the country; the company also owns a commercial fuels operation, with over 30 depots and two owned terminals. Its new owner is a highly successful, aggressive and acquisitive operation that began as a single convenience store in 1980 – yet recently posted results featuring over $1 billion in profit.
Commenting on Couche-Tard’s figures for its fourth quarter and fiscal year 2016, President and CEO Brian Hannasch said; “Our performance in the fourth quarter was a fitting finale to another outstanding fiscal year – the eighth year in a row with record setting earnings. This quarter we celebrated the expansion of our European network to Ireland… We continue to grow – and we do not intend to slow down any time soon.”
Far from slowing down, Couche-Tard’s financial muscle is sure to accelerate Topaz’s development. In addition to the highly visible Re.Store re-branding currently being rolled out nationwide, the company recently launched its City Avenue store in Dublin’s Citywest Business Complex at a cost of €3 million. A similar sum was spent on its outlet in Ballysimon, Co Limerick, while in the past 18 months another half million has been invested in staff training.
© 2016 - Checkout Magazine by Ingmar Kiang