The consideration payable for Brogans, net of cash acquired and based on an average working capital position over the twelve months to 30 November 2009, is EUR47.2m. The consideration is payable in cash.
Brogans markets fuel cards under brands including BP, Diesel Direct, Shell and Texaco. The company has a fleet of 87 road tankers and 279 employees. It sold 447 million litres of fuel in its financial year ended 31 May 2009.
This comprised 343 million litres of heating and transport fuels sold to a broad range of approximately 40,000 domestic, commercial, industrial and agricultural customers and 104 million litres of motor fuels sold through fuel cards to approximately 10,000 customers.
Tommy Breen, chief executive of DCC, said: “The acquisition of Brogans will further enhance DCC Energy’s position as the leading oil distributor in Britain, bringing its market share to approximately 14%, and will also significantly increase the scale of DCC’s fuel card operations in Britain.
“We are confident that the integration of Brogans with DCC’s existing oil distribution and fuel card activities will deliver returns on capital broadly commensurate with previous energy acquisitions.”
