Mr Tayto sells oil business to Reihills for seven figures
The Reihill family's Top Oil has bought a home heating rival from owner Ray Coyle following approval from the Competition Authority.
Top Oil paid a seven-figure sum for Coyle's Ashbourne Oil, improving its foothold in the north-east of the country. Coyle, the so-called Mr Tayto' is thought to want to focus on his new adventure centre in Meath, Tayto Park.
Top Oil is a subsidiary of Tedcastle Holdings, the fuel distribution group founded by the Reihills.
Members of the Reihill family have owned and managed Tedcastle since its foundation in 1957. Investor Shane Reihill was joint-managing director until 2001 when he and his father, Frank, were bought out by businessman John Reihill, who died aged 80 in 2013.
The family has venture capital interests through the Reihill Venture Capital Group, while Shane founded Trinity Venture Capital and Hibernia Capital Partners.
Tedcastle's accounts are unlimited, so its revenue is shrouded in secrecy. Subsidiary Top Oil, however, is understood to have around €40m in net assets.
It sells home heating oil as well as commercial gas, oil and diesel, bio-diesel and bio-ethanol. The company has a network of 180 service stations and fuel card outlets and 21 home heating oil depots as well as working with 50 resellers.
It owns and runs its own 55,000 tonne import terminal in Dublin and sells 1.3 billion litres of fuel in the Republic and Northern Ireland every year.
The purchase of Ashbourne Oil will allow Top to reach a significant number of new customers throughout the north-east, said chief executive Gerard Boylan.
"We are delighted to reach agreement with Ashbourne Oil and, specifically, our long-time customer Ray Coyle," he said. "Over the last decade we have sought out a number of well-known businesses that offer tangible value to our Top Oil business.
"In our last financial year we have grown market share across all our fuel product channels, opened 20 new Top Oil service stations across the country, including three high-profile sites in Dublin, and relaunched our Top Oil home heating depot in Dublin.
"This latest purchase of Ashbourne Oil helps us advance our mission to become the leading supplier of Quality Assured motor fuel, heating oil and commercial and agri-fuels in Ireland."
The company is looking for further acquisitions, Boylan added.
"At a high level, Top Oil continues to actively seek out business opportunities that will be beneficial to our business growth nationwide. We are examining a number of proposals at the moment and are interested in businesses that fit in with our own business goals.
"Top Oil has significant capital to invest in the right opportunities that will help to grow its market share substantially, and that will have a positive business impact."
Sunday Indo Business