Corrib Oil, one of Ireland’s leading service station and oil distribution providers has entered an agreement to acquire H2 Group.
According to the company, by purchasing H2 group, this deal will see it acquire 13 high quality retail sites based across the south and east of Ireland, expanding the Corrib Retail footprint to 33 stores in total.
The two new Kildare sites are located in Allenwood and Celbridge, while other new sites are in counties such as: Listowel, Co. Kerry, Limerick, Tipperary, Dublin, Laois, Offaly and Cork.
Commenting on the deal, Eugene Dalton, Chief Executive Officer of Corrib Oil, said that the acquisition of H2 Group is a significant step in the company’s growth strategy, presenting opportunity for both the retail and distribution businesses to develop further.
He said: "In H2 Group we see great potential and have acquired a network of strong and profitable businesses, led by an expert team.
Adding the company’s leading and strategically positioned retail sites to our portfolio expands our presence and our retail footprint across the country, with 54 sites in 16 counties."
He continued: "Our expanded business will have the scale, breadth and capabilities to compete more effectively and offer an enhanced and expanded service to more customers, through our leading brand partners and our home heating and oil services."
Sean Heaphy, Managing Director of H2 Group, also said that the acquisition was a positive development and a great opportunity for both businesses: "The merger of both businesses means we’re creating a larger retail group and offering in Ireland and, together with our partner network, can capitalise on this scale for our employees, suppliers and partners."
"The acquisition is testament to the strong business that our team has built over the past 17 years, and I look forward to working with Eugene and team in further developing the Corrib Oil business."
Mr Dalton added that the company "continues to explore opportunities for growth" following the deal.
The deal, which was in planning for over nine months, was managed by Capnua Corporate Finance.
Corrib will operate across 54 sites in 16 counties in total - 20 Corrib service stations, 21 oil distribution depots and 13 H2 Group retail sites.
The company currently employ 700 people, while the addition of H2 Group to Corrib Oil will bring total employee numbers to over 1,000 people.
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