Top Oil takeover confirmed by Canadian giant
Canadian oil giant Irving Oil has successfully acquired Tedcastle Ltd, trading as Top Oil, in a deal that first emerged last summer and has now been completed following completion of the conditions of sale.
8 February 2019
Historic Canadian oil and gas company Irving Oil has completed its acquisition of Tedcastle group, the Irish company better known as Top Oil. The agreement between the two companies was first announced last summer, with a large number of conditions of sale, including approval by the Competition and Consumer Protection Commission. Those conditions have been met, and the sale has been completed.
Irving Oil has stated that Top Oil will continue to operate in its current form, and its assets will remain in place.
Top Oil has been a leading supplier of home heating oil, and recently expanded into company-owned forecourts and also aviation fuel. The company sells 1.3bn litres of fuel annually, through its forecourt network along with commerical and residential consumers.
“This is a historic day for our company,” says Arthur Irving, chairman of Irving Oil. “We look forward to continuing to grow our business in the Irish market. We’re happy to welcome the Top Oil team to Irving Oil.”
In 2016, Irving Oil, previously purchased Ireland’s only oil refinery located in the village of Whitegate, Co. Cork.
“It is with great pride that we join Irving Oil as we work toward continued growth and success in Ireland,” said Gerard Boylan, CEO of Top Oil. “As a family-owned company with a strong customer and community focus, Irving Oil’s core values reflect our own. Together, we will ensure responsible and reliable operations for our customers, our employees and our communities.”
Further to contuining to operate the brand as it currently exists, it’s not yet clear whether Irving has plans to expand or adapt the Top Oil forecourt brand.