England, UK: DCC Buys Local LPG Business from BP
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Friday, 10 August 2012 |
Irish conglomerate DCC has agreed a deal with BP to buy its liquefied petroleum gas (LPG) distribution business in Britain. The company said that the transaction, valued at €51.3m, said it expected to close in September of 2012.
BP’s LPG distribution business supplies industrial, commercial and domestic customers with an annual volume of approximately 87,000 tonnes of bulk and cylinder LPG. Operating from 13 locations, it has 116 staff and a fleet of 62 delivery vehicles. The business’s net tangible operating assets are approximately €38m.
"DCC is pleased to have reached agreement with BP to acquire its LPG distribution business in Britain. We have a successful track record in acquiring energy distribution businesses from the oil majors as they exit downstream activities and this transaction will enhance DCC's position as the leading oil and LPG sales, marketing and distribution business in Britain," said DCC’s CEO Tommy Breen (pictured).
PetrolWorld 10082012
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