Multinational law firm Pinsent Masons has advised Flogas Ireland, a subsidiary of DCC plc, on its entry into Northern Ireland with the acquisition of Budget Energy.
It marks the largest investment that Flogas has made in Ireland into the growth of its energy business and will enable its expansion into the residential and commercial electricity market in Northern Ireland where it has been operating for over 30 years in the liquefied petroleum gas (LPG) and more recently, the commercial natural gas market.
Budget Energy is one of Northern Ireland’s leading electricity suppliers. In recent years it has contracted with a strong portfolio of local renewable energy generation across solar, wind and anaerobic digestion sources. This renewable generation will be a key contributor to Flogas’s sustainability strategy. Budget Energy, which trades as BE Energy in the Republic of Ireland (ROI) has over 90,000 customers.
Commenting on the deal, Belfast based Legal Director, Lisa Early said: “A deep rooted understanding of Ireland’s highly competitive energy retail sector and increasing regulatory demands enabled us to successfully bring this transaction into fruition. This is an extremely significant acquisition for Flogas and is closely aligned with its long term strategy to become one of Ireland’s leading all-island energy suppliers.”
Pinsent Masons advised Flogas on all aspects of the acquisition and was led by Andrew Kerr and Lisa Early with support from Danielle McKeefry, Dorian Rees, Laura McCrea and Craig Patterson.
The deal marks another important milestone in Pinsent Masons’ long standing relationship with DCC plc. Last year, the firm advised DCC Vital in its sale of Kent Pharmaceuticals