Tricel Group, a Kerry-based engineering firm, has recently acquired Gem Oils Ltd, a lubricant supply company based in Cavan. The exact amount of the acquisition remains undisclosed. Tricel Group, founded in 1973 by Con and Anne Stack, initially focused on producing glass-reinforced plastics for the local community in Killarney. Over the past five decades, the company has expanded its operations both in Ireland and internationally. This recent acquisition marks Tricel Group’s fourth purchase of an international company this year alone.
Gem Oils, a family-owned business that has been in operation for over 60 years, specializes in supplying lubricants, greases, and related products. The company serves various industries, including automotive, agricultural, industrial, food and marine, and commercial sectors. Gem Oils owns the largest lubricating oil storage facility in Ireland and operates throughout the island.
Mike Stack, the CEO of Tricel, expressed his enthusiasm about the acquisition, stating, “This acquisition enhances our position in the Irish lubricant market, allowing the Tricel Group to gain access to new markets, expand its distribution networks, and enhance its technological capabilities.”
Tricel Group has experienced significant growth over the past few decades, expanding its exports to over 50 countries. This success has led to the establishment of manufacturing facilities across the UK and Europe. The company, still led by the Stack family, consists of 15 companies throughout Europe, with six manufacturing operations. With a workforce of over 600 employees, Tricel Group supplies a wide range of products, including storage tanks, pumps, sewage treatment tanks, construction products, and lubricants.
Helen Milligan, the managing director of Gem Oils, expressed her satisfaction with the acquisition, saying, “A family-owned business is a natural fit with our company. Tricel gives us the opportunity to take our operations and product offerings to the next level. Gem Oils look forward to continuing to make this our top priority into the future within the Tricel Group.”