Irving Oil confirms agreements in place to acquire Top Oil
Canadian-owned Irving Oil announced that it has signed agreements to acquire the Tedcastle group of companies, an Irish-based energy marketing and distribution organization, which operates under the brand name Top Oil.
Headquartered in Dublin, Top Oil is a leading supplier of home heating oil, including kerosene, as well as petrol and diesel fuel in Ireland. It recently expanded operations into company-owned retail forecourts and aviation fuel. Top Oil sells more than one billion litres of fuel every year to commercial and residential consumers in Ireland.
The acquisition will ultimately enable Irving Oil to further expand its business across the Atlantic basin, having previously purchased Ireland’s sole refinery in the village of Whitegate in 2016.
“This is a great day for our company,” says 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. Upon 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,” says 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,” says 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,” says Gerard Boylan, CEO, Top Oil. “We share a common commitment to our employees, customers and the wider community.”
“As a proud Atlantic Canadian company, family owned and operated for close to a century, we have a long-term commitment to our employees, customers and communities we call home,” says Sarah Irving, Executive Vice President of Irving Oil. “We are looking forward to this opportunity to continue to expand and grow in the Irish market.”
Top Oil has a fully-integrated market presence and well-established ties to the communities it serves. With a 55,000-tonne clean product terminal at Dublin Port, 20 inland depots, 200 dealer and company-owned forecourts and 20 dedicated fuel card sites, Top Oil provides a reliable supply of fuel products to the country’s businesses and consumers.
Irving Oil looks forward to sharing more information at the close of the sale.
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 in 2017 and 2018, Irving Oil has a strong customer and community focus and is committed to future growth.