Top Oil acquires Sirio Retail Operations
Top Oil gains 110 new employees, 25 million litres of fuel and adds 10 new service stations to its company network
28 January 2016 | 0
In a deal worth in excess of €10 million, Top Oil has agreed to acquire the retail trading business of Sirio Retail Operations. The 110 staff currently employed by Sirio will become employees of Top Oil. These new additions to the Top Oil workforce will bring the total number of people employed by Top Oil in the Republic of Ireland to over 400.
The acquisition includes ten fully-managed service stations, predominately located in the Leinster region, that sell 25 million litres of fuel annually. Together with the flagship site at Newhall in Naas; these prime locations include service stations in Ballymore Eustace, Athy and Rathangan in Co Kildare; Newtownmountkennedy in Co Wicklow; Stradbally in Co Laois; Mullingar in Co Westmeath; Stonepark in Co Longford; JFK Drive in Dublin and Ballyvolane in Cork.
Gerard Boylan, group chief executive of parent company Tedcastle Holdings said the 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,” and that Top Oil has a strong relationship with the Sirio management team, which has “successfully rebranded and enhanced the network since acquiring it from examinership in 2013”.
Boylan added that the business has “committed to a substantial initial financial investment to improve this new component of our business while we continue to seek out new opportunities and acquisitions throughout Ireland and Northern Ireland.”
Top Oil currently owns and manages its own 55,000 tonne import terminal, and has a nationwide network of 180 Top Oil service stations, motorway service areas, fuel card locations, resellers and Top Oil depots.
The transaction is expected to be completed by the end of March 2016, subject to regulatory approval by The Competition and Consumer Protection Commission.