Blue Ocean Associates Group (United Kingdom) - Jan 2008

unquote
01 January 2008

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Irish private equity investor Ion Equity has acquired fuel supplier Blue Ocean Associates Group in a management buyout thought to value the business between €150-200m. The deal represents a partial exit for its private shareholders, many of whom have re-invested in the newco and retain an interest in it going forward. The deal is believed to be the platform acquisition in a wider buy-and-build strategy in the fuel infrastructure sector in the UK and Europe. Ion was attracted to the deal due to its experience in the sector – it owns Topaz Energy Ltd, the former retail and fuel distribution businesses of Royal Dutch Shell and StatoilHydro in Ireland, combined with the opportunities it sees in the sector. Ion believes that large fuel companies are increasingly concentrating on upstream opportunities and emerging markets, meaning that there are strong prospects for acquisition in the fuel infrastructure assets space in Europe.

Company

London-based Blue Ocean supplies approximately 5% of road fuel used in the UK. It also sells blended fuel products internationally. Blue Ocean also comprises Harvest Energy, a blender and supplier of fuel to UK supermarkets and an Amsterdam-based trading company. It is reported that Blue Ocean has a turnover of approximately £1bn.

People

Neil O’Leary led the deal for Ion Equity. Colin Bannerman joins the company as its new CEO. Rick Grimm was the primary vendor of Blue Ocean and remains involved in the business going forward.

Sourced from: UK & Ireland unquote" 361 (Feb 2008)