NI forecourt installation firm bought for seven figure sum
Belfast-based Petroleum Installation Solutions (PIS) Ireland has been acquired by the LCM Environmental Group for a seven figure sum.
Set up in 2012, PIS specialise in forecourt installation. Its clients include Maxol, Applegreen, Texaco, Topaz and Solo.
Its new owner, Lancashire-based LCM fuel, has been involved in the fuel, energy and infrastructure sector for 35 years.
The company said PIS Ireland will benefit from new business opportunities, an expanded fleet, and wider petrochemical services for the British market.
General manager of the Belfast firm, Colin Doyle, said the two businesses complement each other well.
“Since we established PIS Ireland in 2012, the company has gained a prominent reputation within our sector, and we have formed strong relationships with a multitude of clients across Ireland and the UK,” he said.
“As such, we are now in an excellent position to achieve considerable further expansion alongside the LCM team.”
LCM is headed by Belfast-born chief executive Richard Wallace.
“It has been a long-term goal of LCM Environmental to acquire an Irish base and expand overseas,” he said.
“We are happy to announce that this is now a reality, and we look forward to integrating PIS (Ireland) within the company.
“PIS Ireland has accomplished significant growth over the past 10 years and has taken over a big share of the retail and commercial market throughout the island of Ireland and completed fuel management and forecourt installations in England.
“They have shown remarkable skill sets and determination in developing their business and upskilling their workforce. Becoming a part of the LCM group was the logical next step in their expansion plans – and one that has been completed successfully in a seven-figure deal.”
He added: “After several acquisitions, the start of the new LCM Group marks a new beginning for us and as a business, we are more determined than ever to keep growing within the industry and reach new heights in the coming months.”
The acquisition was facilitated by SCC Accountants (Sean Cavanagh and Kathy Daly) and O’Reilly and Stewart Solicitors (Seamus McGranaghan and Conor Cleverley).