Corrib Oil adds 13 outlets with acquisition of H2 Group sites

The addition of the retail sites in the south and east brings Corrib's retail footprint to a total of 33 stores

Corrib Oil currently employs some 700 people, and the acquisition of the H2 Group stores brings its total headcount to more than 1,000. File picture

Oil distributor and service station operator Corrib Oil has acquired the H2 Group's 13 retail sites based across the south and east of Ireland.

The deal expands Corrib's footprint to 33 stores in total. The new sites are located in Cork, Kerry, Kildare, Limerick, Tipperary, Dublin, Laois, and Offaly.

The H2 Group operates 13 retail sites, 11 service stations, and one convenience store, with another site to open in Kenmare, Co. Kerry next month. The business operates its service stations under the Texaco and Top brands, while all stores are Spar branded. Led by managing director Sean Heaphy, H2 Group currently employs 300 people. Mr Heaphy will join Corrib Oil as a director.

"In H2 Group we see great potential and have acquired a network of strong and profitable businesses, led by an expert team," Eugene Dalton, chief executive officer, Corrib Oil said.

Adding the company’s leading and strategically positioned retail sites to our portfolio expands our presence and our retail footprint across the country, with 54 sites in 16 counties. 

Corrib Oil, which was founded in Claremorris in 1987, operates two distinct divisions, Corrib Retail and Corrib Distribution. It currently employs 700 people and the acquisition of the H2 Group will bring the number to more than 1,000. All Corrib Retail convenience stores are branded as Spar, while all forecourts are branded Circle K or Texaco, with instore partners, including Insomnia and Chopped. 

The Corrib Distribution business supplies home heating oil, road fuels and lubricants from 21 distribution sites, with a fleet of 78 road trucks and 69 service vehicles across the country.

"The merger of both businesses means we’re creating a larger retail group and offering in Ireland and, together with our partner network, can capitalise on this scale for our employees, suppliers and partners," Mr Heaphy said.

The acquisition is testament to the strong business that our team has built over the past 17 years, and I look forward to working with Eugene and team in further developing the Corrib Oil business.

In planning for over nine months, the deal was managed by Capnua Corporate Finance.