Topaz Energy Group Ltd, Ireland’s largest convenience and fuel retailer, is to be acquired by the publicly quoted Canadian company Alimentation Couche-Tard (known as Couche-Tard).
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 plc and the recently-acquired Esso Ireland Ltd (collectively referred to as Topaz). The transaction is expected to close in Spring 2016, subject to the usual regulatory approvals and closing conditions.
Couche-Tard is one of the world’s leading convenience and fuel retail businesses. The company has approximately 15,000 sites across its network in North America (U.S. and Canada), Europe (Norway, Sweden, Denmark, Poland, the Baltics and Russia), Asia and the Middle East. Approximately 100,000 people are employed in its network across the world.
Topaz is Ireland’s largest convenience store and fuel retail business. Its network includes 464 service stations, 162 of which are company owned and a commercial fuels operation with over 30 depots. The business employs over 2,000 people across the island of Ireland.
Quote from Topaz Chairman
Welcoming the announcement, Topaz Chairman, John Callaghan, said; "The last two years have been a period of phenomenal development and improvement for the company. With the steadfast support of the Board, our management and staff, we have established a well capitalised group of growing businesses which, with the recent amalgamation of Esso in Ireland, is the undoubted industry leader.”
“We are delighted to have agreed this transaction with Couche-Tard who are recognised as world leaders in the fuel and convenience store industry. We know they will build on the foundations we have put in place and bring a new dimension to the industry in Ireland to the benefit of the economy, our customers and our staff. We wish Couche-Tard well and look forward with confidence to an exciting future. "
Quote from Topaz CEO
Emmet O’Neill, Chief Executive of Topaz, described the transaction as a “game changer’ for the retail sector in Ireland. He 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.”
O’Neill said that the deal followed a transformation of the company over the past two years; “In the last two years Topaz has moved from being a challenged business to one which has been transformed at every level and which now leads the market here. We have refinanced the company, upgraded the infrastructure, acquired and built new sites and convenience stores and ultimately acquired the business of Esso in Ireland. Today’s transaction is a reflection of the immense effort made by everyone on the team and across the company over that time.”