Reihills acquire home heating rival, Ashbourne Oil
Top Oil is on the look-out for further acquisitions, while Raymond Coyle is thought to be keen to focus on Tayto Park
17 August 2015 | 0
Following approval from the Competition Authority, Top Oil has bought Raymond Coyle’s home heating rival, Ashbourne Oil.
According to the Sunday Independent, Top Oil paid a seven-figure sum for the company, which is set to improve its presence in the north-east.
It is believed that Coyle wants to focus on Tayto Park instead, his adventure centre based in Meath.
Top Oil is a subsidiary of Tedcastle Holdings, the fuel distribution group which was founded by the Reihill family in 1957. With unlimited accounts, it is difficult to confirm Tedcastle’s revenue, yet subsidiary Top Oil, is understood to have around €40m in net assets.
Selling home heating oil as well as commercial gas, oil and diesel, bio-diesel and bio-ethanol, the company currently has a network of 180 service stations and fuel card outlets. It also has 21 home heating oil depots and works with 50 resellers.
The acquisition will allow Top to reach a significant number of new customers across the north-east, said chief executive Gerard Boylan.
“In our last financial year we have grown market share across all our fuel product channels, opened 20 new Top Oil service stations across the country, including three high-profile sites in Dublin, and relaunched our Top Oil home heating depot in Dublin,” Boylan said
“This latest purchase of Ashbourne Oil helps us advance our mission to become the leading supplier of Quality Assured motor fuel, heating oil and commercial and agri-fuels in Ireland.”
What’s more, the company is looking for further acquisitions, with Boylan noting that “Top Oil has significant capital to invest in the right opportunities”.