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DCC strikes deal to buy Austrian liquid gas distributor FLAGA

ALN

DCC PLC on Tuesday said it has agreed to buy Austrian liquid gas distributor FLAGA GmbH from UGI International LLC.

Dublin-based DCC provides sales, marketing and distribution services to the energy sector.

DCC said the acquisition is based on an enterprise value of around €55 million on a cash-free, debt-free basis, and the consideration will be settled in cash on completion.

DCC also has acquired the AvantiGas liquid gas cylinder business in the UK from UGI International, which is a Paris-based gas distributor.

Vienna-based Flaga employs around 90 people and sells and distributes approximately 45 million litres of liquid gas per year via its nationwide supply, filling and distribution network.

DCC said liquid gas is central to its growth strategy and accounts for the most significant part of the operation profit of its Energy Solutions arm.

The acquisition marks DCC’s entry into the Austrian liquid gas market.

DCC said the purchase is expected to generate a mid-teen return on capital employed in the first year of ownership.

It is subject to customary regulatory approval and is expected to complete by the end of the financial year.

The AvantiGas cylinder business acquisition is a bolt-on in the UK.

‘These acquisitions are an important step in DCC’s strategy to be the leading energy solutions provider in our chosen markets. We are committed to expanding our liquid gas business in both new and existing geographies,’ said Chief Executive Donal Murphy.

‘Liquid gas represents a compelling opportunity for DCC and is one of our two key growth priorities. We are already leaders in liquid gas in six European markets where we provide lower-carbon energy solutions to our loyal customer base. We are leveraging these leadership positions to build a comprehensive energy solutions business in these markets.’

Shares in DCC were up 0.5% at 4,704.00 pence on Tuesday afternoon in London.

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