Clearwater International advises East Cork Oil Company (“ECO”) on the acquisition of Vale Oil Company Limited (“Vale”)
Founded in 1974, ECO is one of Ireland’s largest fuel distributors, serving the Irish market through a network of owned oil depots. This deal marks ECO’s latest consolidation of the fuel distribution market. ECO supplies heating oil, agricultural, marine and road diesel to a customer base that includes domestic consumers, farmers, agricultural contractors, haulage companies, large industrial users and retail service stations. ECO operates Ireland’s largest deepwater oil terminal at Foynes through its 50% ownership of Atlantic Fuel Supply Company, a joint venture with UK fuel supplier Greenergy.
Vale, founded in 1954, is a leading fuel distributor in the Munster and Leinster region. Its product range includes home heating oil, marine gas oil, tractor diesel, plastic storage tanks as well as other products. Vale recorded revenues of circa €28m in 2018, with operations across a number of strategic oil depots.
This transaction sees a successful exit for the shareholders of Vale and places the company in a strong position for future growth under new ownership.
ECO’s acquisition of Vale represents the 7th completed deal in 9 months by the Clearwater International Ireland team. This transaction continues a longstanding relationship between Clearwater International Ireland and ECO, with Partner John Curtin having previously advised the company on a number of bolt-on acquisitions.