UK firm Greenergy buys Cork-based Inver
Deal also includes oil terminal in Foynes
Foynes, Co Limerick, where Inver’s oil terminal is located.
Greenergy, one of the leading suppliers of road fuels in the UK has acquired Cork-based oil importer and supplier Inver for an undisclosed sum.
Invers’s business activities include import and storage facilities, fuel supply operations, and an Irish retail dealer network
The acquisition also includes ownership of Inver’s UK subsidiary, its oil terminal in Foynes, Co Limerick and the company’s 50 per cent stake in the Atlantic Fuel Supply Company, which it co-owns in partnership with the East Cork Oil Company.
Inver’s managing director Chris O’Callaghan is to join the board of Greenergy following completion of the deal.
Established in 1984, Inver has developed from a local supplier of industrial fuel oil and steam coal to become a firm operating on a nationwide basis. It is now the largest marine fuel supplier in the country and provides about 10 per cent of the country’s overall fuel requirements.
The Blackrock-headquartered company, which recorded a €5.7 million pre-tax profit last year on turnover of €485.9 million, employs 25 people. Two years ago, Inver secured over €112 million in financing to fund expansion in both Ireland and the UK.
Greenergy, which also operates in Canada, Brazil and Bahrain, is one of the biggest suppliers of road fuels in the UK. The company, which was acquired by the Toronto-based private equity group Brookfield Asset Management, supplies over 300 kilotonne of biodiesel production capacity, significant import and storage infrastructure and an extensive distribution network which delivers over 18 billion litres of road fuels annually.
‘The acquisition by Greenergy is a very exciting opportunity for the company. Greenergy and Inver are a close cultural fit, and the two businesses align very well together. Inver’s existing management team will remain in place as will our commitment to our customers and their businesses,” said Mr O’Callaghan.
“Greenergy’s global reach and financial resources will allow Inver to execute our growth strategy across all facets of the business,” he added.