DCC to buy Swedish firm Swea Energi for €22.7m
Published 20/12/2011 | 11:46
CONGLOMERATE DCC has agreed to buy Swedish firm Swea Energi for €22.7m with a further €6.6m payable depending on the company’s performance over the next 12 months.
The company, which distributes heating oils and transport fuels to Swedish customers, is being bought from Lennart and Viviann Hansson.
Swea sells about 500 million litres of oil a year and employs 54 staff.
It recorded an operating profit of €5.5m last year.
“The acquisition of Swea is a significant expansion of DCC's oil distribution business in Scandinavia, building on our acquisition of Shell's oil distribution business in Denmark in 2009,'' said DCC's chief executive Tommy Breen.