Canadian-owned Irving Oil has signed agreements to acquire the Tedcastle group of companies, an Irish-based energy marketing and distribution organisation, which operates under the brand name Top Oil.
Tedcastle owns a 55,000-tonne clean product terminal at Dublin Port, 20 inland depots, and supplies 200 dealer and company-owned forecourts across the Irish Republic, and 20 dedicated fuel card sites.
Irving Oil previously purchased Ireland’s sole refinery in Whitegate in 2016.
“This is a great day for our company,” said Arthur Irving, chairman of Irving Oil. “We are proud to be doing business in Ireland and are looking forward to working with everyone at Top Oil. We’re excited about the future.”
The acquisition will be complete once all conditions of the sale have been met including approval by the Competition and Consumer Protection Commission in Ireland. On close, Irving Oil will continue full operation of the Top Oil business and its assets as usual. Top Oil branding will remain in place across all locations and the existing workforce will be maintained.
“We’re excited about this opportunity to grow our business in Ireland and work with the Top Oil team,” said Ian Whitcomb, president of Irving Oil. “We have worked hard to build strong customer relationships and establish meaningful community partnerships in Ireland and are delighted to continue to grow our business in this area. It’s a natural fit for us.”
“This is a very significant day for the extended family and our business in Ireland,” said Raymond Reihill, deputy chairman, Tedcastle Holdings. “We are delighted to hand over the reins, on completion of these agreements, to another family company and are confident that the business will continue to grow and prosper.”
“We are looking forward to joining Irving Oil and continuing to grow and develop our business under its umbrella,” said Gerard Boylan, CEO, Top Oil. “We share a common commitment to our employees, customers and the wider community.”