Mergers & Acquisitions

Irving Oil For Sale?

Refiner-marketer launches strategic review
irving oil
Logo/Irving Oil

Irving Oil may go up for sale. The Canadian refiner-marketer has launched a strategic review to evaluate its options to determine the future of the company. “Consideration will be given to a new ownership structure, a full or partial sale or a change in the portfolio of our assets and how we operate them,” the company revealed in a statement posted on its website and signed by Arthur Irving, owner, Ian Whitcomb, president, and Sarah Irving, executive vice president and chief brand officer.

“No decisions have been made about where this strategic review may lead,” they said.

Founded in 1924, Saint John, New Brunswick-based Irving Oil is an international refining and marketing company. It operates a refinery in Saint John, a network of distribution terminals and more than 900 gas stations, convenience stores and Big Stop truckstops in eastern Canada and the northeastern United States. It also operates Ireland’s only refinery, located in Whitegate. In 2019, Irving Oil expanded its presence in Ireland by acquiring Top Oil, a supplier of home heating oil, gasoline and diesel fuel. Irving Oil established its European operations in 2014 with an office in London and tankage in Amsterdam.

“Irving Oil has long been guided by a strong commitment to our employees, the people and the businesses we serve, and the communities in which we live and work,” the statement said. “We are proud of the strong position our company is in today, having achieved growth in our core business and making good progress in leading through the energy transition. This position of strength is especially thanks to the hard work of our employees and the trust and loyalty of our partners and customers.”

The statement concluded: “As we evaluate our options in the coming months, our focus remains on our team and continuing to safely deliver quality products and reliable energy for our customers and communities.”

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