06 Dec 2004

Maxol Direct Expands Network in Mid West - Maxol Group Acquires Estuary Distribution

Maxol Group Acquires Estuary Distribution

The Irish owned Maxol Group, Europe’s leading independent oil company, today December 6th, announced that it has completed the acquisition of Estuary Distribution, one of the largest distributors of home heating oil, commercial and agri fuel oils in the Mid Western region.

Estuary Distribution will now form part of Maxol Direct, which has continued its nationwide expansion in recent years and is one of the leading suppliers of home heating and fuel oils in the Republic of Ireland. This latest acquisition cements the commitment of Maxol Direct to the region following the decision earlier this year to base it's corporate head office in Limerick.

Estuary Distribution was established in 1988 by Jim Mulcair and Bill Downes and has operated as an authorised distributor from its base in Foynes, County Limerick supplying fuel to Limerick, North Kerry and Cork.

Commenting on the acquisition, John O’Keeffe, General Manager & Director, Maxol Direct said:

"This important acquisition gives Maxol Direct a very strong presence in the Mid West and has even more relevance since we announced plans to base our Headquarters in Limerick.

Estuary Distribution has established a highly profitable business over the last number of years delivering in excess of 25 million litres of fuel per annum, which will provide the perfect base for further positive expansion of Maxol Direct. We are delighted that both Jim and Bill will continue to manage and steer the development of the business in the years to come.

This acquisition comes on the back of the purchase, earlier this year of the minority shareholdings of John Ryan and Sean Mulrooney in Roscrea Oil, both of whom will also continue to work closely with us in the development of the business.

Maxol Direct is now well on the way to becoming the largest oil distributor in the Republic of Ireland with this, and other recent acquisitions, laying down solid foundations for future growth."

Jim Mulcair, Joint Managing Director, Estuary Distribution, said:

"This investment by Maxol Direct is a vote of confidence in the business of Estuary Distribution and we look forward to working closely with the team to further the expansion of the company."
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