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.

By Peter Bodkin Editor, Fora

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.

Vayu1 Vayu managing director Colm Kennedy
Source: YouTube

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.