Fuel supplier Inver Energy sold to UK-based Greenergy
Cork-based fuel supplier Inver Energy has been sold to the UK firm Greenergy. The financial terms have not been disclosed.
The deal includes Inver's UK subsidiary and its 50pc share of the company behind the Foynes Oil Terminal, Inver announced yesterday.
The other 50pc of the terminal is owned by East Cork Oil Company.
Inver imports and stores fuel, as well as selling it on to Irish retailers. Its existing management will remain in place under the deal.
"Greenergy's global reach and financial resources will allow Inver to execute our growth strategy across all facets of the business," Inver managing director Chris O'Callaghan said.
"Greenergy and Inver are a close cultural fit and the two businesses align very well together.
"I look forward to this next step for the business. While Inver will be part of a multinational business, we will continue to think 'local'."
The deal is subject to approval from regulators.
Andrew Owens, Greenergy's chief executive, said: "Greenergy and Inver are both customer-focused, can-do businesses and together we will maintain our focus on safety, operational reliability, low costs and superior customer service.
"By combining Greenergy's global origination skills with Inver's storage facilities, branded retail dealer offer and strong local customer relationships, we aim to accelerate the expansion of Inver's business in Ireland," Mr Owens added.
Greenergy's customer base includes supermarkets, oil majors, retailers and commercial users.
The company also has operations in Canada, Brazil and Bahrain.