UK: DCC Acquires Fuel Distributor Brogan Holdings for €47.2 million.
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Tuesday, 15 December 2009 |
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DCC Energy has announced that it has agreed to acquire the entire
issued share capital of Brogan Holdings, which markets fuel cards in
Britain under a number of well known brands including BP, Diesel
Direct, Shell and Texaco.
Tommy Breen, Chief Executive said "The acquisition of Brogans will
further enhance DCC Energy's position as the leading oil distributor in
Britain, bringing its market share to approximately 14 per cent, and
will also significantly increase the scale of DCC's fuel card
operations in Britain. We are confident that the integration of
Brogans with DCC's existing oil distribution and fuel card activities
will deliver returns on capital broadly commensurate with previous
energy acquisitions."
Brogans sold 447 million litres of fuel in its financial year
ended May 31st, 2009, with 343 million litres of heating and transport
fuels sold to 40,000 domestic, commercial, industrial and agricultural
customers. Fuel cards accounted for 104 million litres of motor fuels
sold to 10,000 customers. Operating profits for the year reached
€7.9 million on sales of €329 million. Gross tangible operationg assets
were €35.3 million, with net assets totalling €5.3 million. The firm
employs 279 people and operates from 15 fuel distribution depots in
Scotland and the north of England.
The acquisition follows two key European acquisition this year. In
November, DCC acquired Shell Direct Austria and in May, DCC Energy
acquired Shell Denmark fuel oil distribution business based in
Copenhagen.
PetrolWorld 141209
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