Dublin-based energy supplier Vayu has been bought by a Spanish utility giant
The 13-year-old company commands one-fifth of the local gas market for larger businesses.
IRISH GAS AND electricity supplier Vayu has been taken over by Spanish utility giant Gas Natural Fenosa (GNF).
The 13-year-old company, which was the first independent firm to win a gas supply licence in Ireland, will become part of the €18 billion Barcelona-based firm after it acquired all of the firm’s shares. The value of the deal wasn’t disclosed.
Dublin-headquartered Vayu operates in both Ireland and the UK, and claims to supply one-fifth of the Republic’s largest business users of natural gas. It launched a electricity operation in 2007, again focussing on the business market.
The firm’s managing director, Colm Kennedy, held around 45% of Vayu’s shares before the takeover deal, according to company filings.
Vayu managing director Colm Kennedy
Vayu’s ultimate parent was Swiss-based resources firm Glencore, which took a majority stake in the Irish gas supplier in 2011 after its founder, Tony Ennis, sold his share for a reported €10 million.
The most recent accounts for Vayu show it delivered a pre-tax profit of €2.6 million in 2014, up from around €2 million the previous year. That came despite turnover dropping around 10% to just under €100 million for the 12-month period.
GNF said the deal was part of its European growth strategy, which already included its operations in France, Italy, Portugal, Germany and the Benelux countries.
