The Avondhu

Corrib Oil acquires H2 Group, including Fermoy station

Corrib Oil, one of Ireland’s leading service station and oil distribution providers has entered an agreement to acquire H2 Group it was announced on Monday.

While subject to approval by the competition regulator, this deal will see Corrib Oil acquire 13 high quality retail sites based across the south and east of Ireland – including the Texaco Spar Service Station at Cork Road, Fermoy - expanding the Corrib Retail footprint to 33 stores in total.

Founded in 2004, the H2 Group operates 13 retail sites, 11 service stations and one convenience store, with the thirteenth to open in Kenmare, Co. Kerry next month. The business operates its service stations under the Texaco and Top brands, while all stores are Spar branded. The group currently employs 300 people and managing director, Sean Heaphy, will join Corrib Oil as a director.

Corrib Oil, founded in Claremorris in 1987, operates two distinct divisions, Corrib Retail and Corrib Distribution. Corrib Retail currently operates 20 convenience stores with forecourts; while Corrib Distribution, a leading distributor of heating oils and fuel, operates through 21 depots across 14 counties. The company is headquartered in Parkmore, Galway.

Having maintained a 22-year relationship with BWG Foods, all Corrib Retail convenience stores are branded as Spar, while all forecourts are branded Circle K or Texaco.

On conclusion of the acquisition deal, 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. Currently employing 700 people, the addition of H2 Group to Corrib Oil will bring total employee numbers to over 1,000 people.

In planning for over nine months, the deal was managed by Capnua Corporate Finance.

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2021-09-23T07:00:00.0000000Z

2021-09-23T07:00:00.0000000Z

https://avondhu.pressreader.com/article/281943136026205

The Avondhu (Ireland)