UK firm Greenergy snaps up Irish fuel supplier Inver
Cork-based fuel supplier Inver Energy has been sold to UK firm Greenergy. Financial terms of the deal were not disclosed.
The deal includes Inver's UK subsidiary and its 50% share of the company behind the Foynes Oil Terminal, Inver announced yesterday.
The other 50% 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 going forward.
"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, and while Inver will be part of a multi-national 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-focussed, 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."
Greenergy's customer base includes supermarkets, oil majors, retailers and commercial users.