Inver Energy Limited confirms sale to Greenergy
Inver Energy Limited has finalised the sale of 100% of the company’s share capital to Greenergy, including Inver Energy (UK) Limited, Inver’s UK subsidiary, 50% share of the Atlantic Fuel Supply Company, plus its oil terminal in Foynes.
3 November 2017 | 0
Inver Energy Limited has finalised the sale of 100% of the company’s share capital to Greenergy. The sale includes 100% share of Inver Energy (UK) Limited, Inver’s UK subsidiary and Inver’s 50% share of the Atlantic Fuel Supply Company Limited, plus its oil terminal in Foynes.
Inver’s business activities include import and storage facilities, fuel supply operations, and an Irish retail dealer network. The company’s existing management team will remain in place and Chris O’Callaghan, Inver’s managing director, will join the Board of Greenergy Fuels Holdings Ltd.
‘The acquisition by Greenergy is a very exciting opportunity for the company,” says Chris O’Callaghan, Inver’s MD. “Greenergy and Inver are a close cultural fit, and the two businesses align very well together. Inver’s existing management team will remain in place as will our commitment to our customers and their businesses. Greenergy’s global reach and financial resources will allow Inver to execute our growth strategy across all facets of the business.
“I look forward to this next step for the business, and while Inver will be part of a multi‐national business, we will continue to think ‘local’,” says Andrew Owens, Greenergy chief executive. “Greenergy and Inver are both customer‐focused, can‐do businesses and together we will maintain our focus on safety, operational reliability, low costs and superior customer service. By combining Greenergy’s global origination skills with Inver’s storage facilities, branded retail dealer offer and strong local customer relationships, we aim to accelerate the expansion of Inver’s business in Ireland.”
The transaction is subject to the usual regulatory approvals and closing conditions.