Jones Oil acquired by DCC Energy
TAKEOVER Martin Insurance bought by Crotty
The Competition and Consumer Protection Commission (CCPC) has sanctioned the acquisition of Jones Oil Limited and its subsidiaries by DCC Energy Limited, one of the leading fuel distribution companies in Ireland.
The deal, for an undisclosed amount, was formally announced last month subject to CCPC approval.
Jones Oil supplies home heating oil and commercial fuels to the agricultural, commercial, industrial and marine sectors from 15 individual depots across the east, midlands and north-west of the country, including Cavan.
The company, founded in 1984, has 150 staff and a fleet of 45 tanker trucks.
In reaching its decision, the CPCC stated it had formed the view that the proposed transaction would not substantially lessen competition in any market for goods or services in the State.
Jones Oil had €138m in turnover in 2019, the most recent year for which accounts are available. That was a 13.5% increase on the prior year.
The Commission says it will publish the reasons for its determination on its website no later than 60 working days after the date of the determination.
Martin Insurance takeover
It is the second takeover concerning a local business after Crotty Insurance revealed it had bought Cavan-based Martin Insurance for an undisclosed sum.
The move represented Dublin-headquartered Crotty’s first acquisition since it became Global Risk Partners’ (GRP) hub in the Republic of Ireland in September 2020.
Founded in 1980 by Seamus Martin, and now operating under the leadership of Seamus’ son James, Martin Insurance provides commercial insurance across a range of sectors.
Eoin Greene, Crotty CEO, hailed the acquisition as “a big step forward” for the firm, while James Martin said: “We are delighted to be joining Crotty and the wider GRP Group. Crotty is, like ours, a business insurance specialist with a focus on customer service and technical expertise. Eoin and the Crotty team have a great understanding of the importance we attach to the community we serve.
"Our customers will benefit from wider access to insurance markets and our staff can look forward to having the support of a larger team and more sway with insurers.”
Martin Insurance will retain its office in Cavan and its branding, while the entire team will remain with the business in Cavan and become part of the Crotty team on completion.