Friday 28 October 2016

Topaz to be sold to retailer Couche-Tard

Published 02/12/2015 | 12:34

Chief executive of fuel group Topaz, Emmet O'Neill
Chief executive of fuel group Topaz, Emmet O'Neill

CONVENIENCE and fuel retailer Topaz is to be sold to retailer Couche-Tard.

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As a result, the company will join a publicly quoted business with a worldwide network of 15,000 convenience stores and service stations.

Financial details of the deal were not disclosed.

Topaz chief executive Emmet O'Neill described the deal as “game-changer” for retail sector.

The company recently completed its takeover of a range of Esso stations.

The group has a turnover of about €3.5bn and employs 2,000 staff in over 400 stations.

Topaz is owned by businessman Denis O'Brien.

The two companies signed an agreement today that will lead to the acquisition by the Canadian company of Topaz Energy Group Ltd together with linked companies Resource Property Investment Fund and the recently-acquired Esso Ireland (collectively referred to as Topaz). 

The transaction is expected to close in Spring 2016, subject to the usual regulatory approvals and closing conditions. 

Commenting on the deal, Mr O'Neill said: “Couche-Tard is one of the strongest names in retail in the world and their presence in Ireland will transform the retail sector here.

"I am thrilled that they have chosen Topaz as the foundation for their entry to the Irish market. 

"They will bring enormous skill, energy and resources to this business and this market.”

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