Ion Equity acquires leading UK fuels business

Ion Equity has announced the acquisition of Blue Ocean Associates Group, one of the largest independent fuel businesses in the UK market.

The company supplies approximately 5% of all road fuels used in the UK (equivalent to approximately 1.8 billion litres of fuel per annum) as well as approximately 1 billion litres of blended fuel products sold internationally.

Not including duty, turnover at the company is approximately £1bn (€1.45bn). The consideration was not disclosed.

Speaking today, Neil O’Leary, chief executive of Ion Equity, said that the company had been exploring acquisition opportunities in the UK fuels market for some time.

"We believe that there are significant investment opportunities in the fuels business internationally," he said.

"Many of the major international fuel companies are refocusing their efforts on upstream opportunities (exploration & production) and emerging markets. This opens the possibility of acquiring good fuel and infrastructure assets in leading economies."