Irving Oil Ltd. a Canadian gasoline, oil, and natural gas producing and exporting company has reportedly announced its plans to buy the Tedcastle group of companies, which operates under the Top Oil brand.
The family-owned business with a 200 year trading history is being sold by the Reihill family and is subject to approval by the Competition and Consumer Protection Commission.
"The acquisition will ultimately enable Irving Oil to further expand its business across the Atlantic basin, having previously purchased Ireland’s sole refinery in the village of Whitegate in 2016," the group said in a statement.
Top Oil, one of the country’s biggest suppliers of home heating oil, including kerosene, as well as petrol and diesel fuel, sells more than one billion litres of fuel every year to commercial and residential consumers in Ireland.
Headquartered in Dublin, Top Oil currently boasts a 55,000-tonne clean product terminal at Dublin Port, 20 inland depots, 200 dealer and company-owned forecourts and 20 dedicated fuel card sites.
"This is a great day for our company," Arthur Irving, chairman of Irving Oil said.
"We are proud to be doing business in Ireland and are looking forward to working with everyone at Top Oil. We’re excited about the future."
Once the deal is sealed Irving Oil said in its statement that it will continue full operation of the Top Oil business and its assets as usual and its branding will remain in place across all locations and the existing workforce will be maintained.
"This is a very significant day for the extended family and our business in Ireland," said Raymond Reihill, deputy chairman, Tedcastle Holdings.
"We are delighted to hand over the reins, on completion of these agreements, to another family company and are confident that the business will continue to grow and prosper."
In 2016 Top Oil acquired 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.
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.