DCC Energy acquires major LPG business in France

DCC Energy has agreed to acquire Gaz Européen Holdings SAS, a natural gas retail and marketing business which supplies business and public sector customers in France.

DCC has acquired 97% of the share capital of Gaz Européen on completion, based on an initial enterprise value of €110 million.

The acquisition of Gaz Eorupéen complements DCC Energy´s strong market position in liquefied petroleum gas in France through the Butagaz brand. The acquisition is conditional on competition clearance from authorities and is expected to be completed in the first calendar quarter of 2017.

"The announcement [...] marks DCC's first substantial acquisition in the natural gas sector and a major development for the Butagaz LPG business acquired during 2015,” said Tommy Breen, Chief Executive of DCC plc.

Gaz Européen, founded in 2005, is a specialist retailer of natural gas. In 2015, the company supplied around 390,000 tonnes of LPG to some 10,000 sites, while generating revenue of €205 million.