Shell Ireland sells divisions to Topaz

Distribution and logistics company Topaz has bought the retail and commercial business of Shell in the Republic of Ireland and Northern Ireland. The consideration was not revealed.

A consortium led by Ion Equity will directly take a 100% shareholding in the business.

Ion boss Neil O’Leary will be the interim Chairman of Topaz. Former managing director of Emo Oil Danny Murray will be chief executive of the business.

Irish Shell owns six oil importation facilities in Dublin, Cork, Limerick, Galway, Derry and Greenore; 35 local distribution depots geographically spread across Ireland; 55 retail service stations and also supplies 105 independently-owned service stations.

It sells gas oil, diesel, kerosene, fuel oil and lubricants into all sectors of the market, both directly and through a countrywide network of authorised distributors.

Neil O’Leary has confirmed the business was bought as a going concern. The company will be one of Ireland’s larger private businesses and the Shell brand will continue to be associated with the businesses under the new owners.

“We are confident that this business will continue as a profitable and growing enterprise well into the future,” Mr O’Leary said.

Ion Equity specialises in both corporate finance and private equity with offices in Dublin and London.