13 Aug 2012 | 10:36 am | 1 min. read
International law firm Pinsent Masons has advised DCC on the acquisition of BP's liquefied petroleum gas (LPG) distribution business in the UK for £40.5m.
Dublin-based DCC is a sales, marketing, distribution and business support services group. Employing approximately 9,000 people, DCC’s strategy is to grow a sustainable, diversified business.
BP's LPG business supplies a wide range of industrial, commercial and domestic customers with an annual volume of approximately 87,000 tonnes of bulk and cylinder LPG. The business has 116 staff and operates from a network of 13 locations throughout Britain with a fleet of 62 delivery vehicles.
The footprint of the business is highly complementary to Flogas, DCC's existing LPG business in the UK (which has annual sales volumes of approximately 190,000 tonnes).
Tommy Breen, Chief Executive of DCC, said: "DCC is pleased to have reached agreement with BP to acquire its LPG distribution business in Britain. We have a successful track record in acquiring energy distribution businesses from the oil majors as they exit downstream activities and this transaction will enhance DCC's position as the leading oil and LPG sales, marketing and distribution business in Britain."
The Pinsent Masons deal team was led by Corporate Partner Andrew Kerr, assisted by Mark Whittaker and Lucie Miller (corporate).
Commenting on the deal Andrew said: "We have really enjoyed working with the team at DCC on this important acquisition; this is the latest in a series of transactions where we have supported DCC in acquiring downstream energy businesses from the oil majors. We will continue to support the growth of the company's downstream business, having previously assisted with their acquisition of Total's UK distribution business last year."
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