Top Oil has agreed to acquire Sirio Retail Operation’s retail trading business in a deal worth over €10 million.
The acquisition comprises of ten fully managed service stations, primarily across Leinster and including a flagship site at Newhall in Naas, that sell 25 million litres of fuel annually.
Gerard Boylan, Group Chief Executive of Top’s parent company, Tedcastle Holdings, commented, "This acquisition complements Top Oil’s strategy of developing our own integrated network of service stations whilst continuing to invest in our independently owned retailer network."
He added, "We have a strong relationship with the Sirio management team, who have successfully rebranded and enhanced the network since acquiring it from examinership in 2013."
The 110 staff currently employed by Sirio will become employees of Top Oil, bring its number of employees nationwide to more than 400.
The transaction is expected to be completed by the end of March 2016, and is subject to approval by The Competition and Consumer Protection Commission.
© 2016 - Checkout Magazine by Jenny Whelan.