Canadian-owned Irving Oil announces successful acquisition of Irish company Top Oil

SAINT JOHN, Jan. 31, 2019 /PRNewswire/ - Canadian-owned Irving Oil announced today its acquisition of the Tedcastle group of companies, an Irish-based energy marketing and distribution organization, which operates under the brand name Top Oil.

The agreement was announced in late summer, with the expectation that the transaction would close once all conditions of sale were met, including approval by the Competition and Consumer Protection Commission in Ireland.

With the agreement finalized, Irving Oil will continue operation of the Top Oil business and its assets on a business-as-usual basis. 

Headquartered in Dublin, Top Oil is a leading supplier of home heating oil, as well as petrol and diesel fuel in Ireland. It recently expanded operations into company-owned retail forecourts and aviation fuel. Top Oil sells 1.3 billion litres of fuel annually through its forecourt network and to commercial and residential consumers in Ireland.

"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, a family-owned company, purchased Ireland's only oil refinery located in the village of Whitegate and has continued to provide a secure and reliable supply to customers. 

"This acquisition allows us to further expand and build upon our success in Ireland, matching the Top Oil business with the Whitegate refinery," says Ian Whitcomb, President of Irving Oil. "Top Oil is a highly respected company with an excellent reputation as a safe, reliable, top-quality fuel supplier in Ireland; we are honoured to be in a position to uphold that commitment."  

"Today is a proud day for all of us and we are really happy to welcome the Top Oil team to the family at Irving Oil," says Sarah Irving, Executive Vice President of Irving Oil. "We look forward to working together to best serve our customers and our communities in the years ahead."

"It is with great pride that we join Irving Oil as we work toward continued growth and success in Ireland," says 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."

Like Irving Oil, Top Oil has a fully-integrated market presence and well-established ties to the communities it serves, as well as a core value of safety in operations. With a 55,000-tonne clean product terminal at Dublin Port, 22 inland depots, 200 dealer and company-owned forecourts and more than 20 dedicated fuel card sites, Top Oil provides a reliable supply of fuel products to the country's businesses and consumers. 

About Top Oil

Top Oil is a family-owned business with a 200-year trading history. Top Oil sells 1.3 billion litres of fuel, annually, throughout Ireland and Northern Ireland. The Transport Fuels division serves drivers with quality-assured fuel the length and breadth of the country from 20 company-owned Top Oil Sirio sites and from a network of 180 Top Oil Dealer Service Stations and Motorway service areas. Top Oil Fuel Card users receive excellent customer service including regular management reports and a dedicated account manager when they use the Top Oil Fuel Card at any of its locations. The Direct Fuels business caters to the needs of commercial businesses, resellers, institutions, the farming community and domestic users directly from its Dublin terminal or from any of its 22 Top Oil Depots located in communities across the country. Visit www.top.ie for further information.

About Irving Oil

Irving Oil is an international refining and marketing company with a history of long-term partnerships and relationships. Founded in 1924, Irving Oil operates Canada's largest refinery in Saint John, New Brunswick, along with more than 900 fuelling locations and a network of distribution terminals spanning Eastern Canada and New England. It also operates Ireland's only refinery, located in the village of Whitegate. Irving Oil established its European operations in 2014 with an office in London, England, and tankage in Amsterdam. Named one of Canada's Top 100 Employers for three consecutive years, Irving Oil has a strong customer and community focus and is committed to future growth. Learn more at facebook.com/irvingoil or www.irvingoil.com.

SOURCE Irving Oil

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