Topaz takeover 'a game-changer for Irish retail sector'
Ireland’s largest convenience and fuel retailer Topaz is to be acquired by Canadian company Alimentation Couche-Tard.
The two companies signed an agreement today that will lead to the acquisition of Topaz Energy Group Ltd together with linked companies Resource Property Investment Fund plc and the recently-acquired Esso Ireland Ltd.
The transaction is expected to close in Spring 2016, subject to regulatory approvals and closing conditions.
Emmet O’Neill, chief executive of Topaz, described the transaction as a 'game changer' for the retail sector in Ireland.
"Couche-Tard is one of the strongest names in retail in the world and their presence in Ireland will transform the retail sector here," he said.
"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."
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."
Couche-Tard has approximately 15,000 sites across its network in North America, 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 includes 464 service stations, 162 of which are company owned and a commercial fuels operation with over 30 depots, employing more than 2,000 people across the island of Ireland.
