DCC Expands LPG Business Through Acquisitions in US, Netherlands
September 21 2020 - 2:48AM
Dow Jones News
By Matteo Castia
DCC PLC said Monday that it has expanded its liquefied petroleum
gas business with the acquisitions of propane supplier NES Group in
the U.S. and energy company Primagaz Nederland BV in the
Netherlands.
The sales, marketing and support services group said the
combined enterprise value of the two transactions is approximately
60 million pounds ($77.5 million).
The company said NES is DCC LPG's second material bolt-on
acquisition in the U.S. market and the first one in the northeast
of the country.
NES will "provide a platform for further development in a region
characterized by strong underlying demand for propane," DCC
said.
The company said it has bought Primagaz from SHV Energy, the
energy business of private trading group SHV Holdings NV. "The
business is highly complementary to DCC LPG's existing business in
the Benelux region," DCC said. It added that it expects the
transaction to be completed in the fourth quarter of the fiscal
year ending March 31, 2021.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
September 21, 2020 02:33 ET (06:33 GMT)
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