Gerard Boylan, chief executive, Tedcastle Holdings
In a deal worth in excess of €10m, Top Oil has agreed to acquire the retail trading business of Sirio Retail Operations, adding 110 new employees and 10 new service stations to its company network.
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 Ireland to over 400.
The acquisition comprises 10 service stations, predominately located in the Leinster region.
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, chief executive, Tedcastle Holdings, said: “This 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. This is a significant acquisition for our Top Oil business and will further build on our experience of managing retail services.”
He continued: “We have a strong relationship with the Sirio management team, who have successfully rebranded and enhanced the network since acquiring it from examinership in 2013. Our plans are to continue to develop this business within our overall growth strategy for Top Oil whilst offering local consumers very competitive prices on their petrol and diesel at these new Top Oil sites. We have 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.”
The transaction is expected to be completed by the end of March 2016, subject to regulatory approval by the Competition and Consumer Protection Commission.