The Competition and Consumer Protection Commission (CCPC), a competition authority in the Republic, has decided to investigate further into the proposed acquisition deal of Kilsaran Concrete. The deal pertains to the takeover of a sand and gravel quarry in Rhode, Co Offaly, and other assets belonging to a local business.
In November last year, Kilsaran, one of the biggest manufacturers of ready-mix concrete, concrete blocks and aggregates in the nation, notified the CCPC about its plans to acquire certain assets of Kilmurray Precast Concrete. The details of the financial agreement haven’t been disclosed.
The assets under consideration include the only sand and gravel quarry at Kerryarkin, Rhode, Co Offaly owned by Kilmurray, in addition to a chipping plant, inventory, machinery, supply and sales agreements, interest in leased assets, and two minor freehold properties.
After conducting a primary phase one probe into the potential impact on competition of the proposed acquisition, CCPC has confirmed that a comprehensive phase two investigation will be initiated. The aim of this further scrutiny is to ascertain whether the deal might significantly hamper competition in the State, according to an official statement.
The regulatory body revealed that it has received one submission from a third party so far and has given other stakeholders until 4:30pm on March 27th to provide additional feedback. Meanwhile, it will proceed to collect evidence from the relevant parties and is due to reach a verdict by May 31st.
The headquarters of Kilsaran, established in 1964 by the late Patrick McKeown, are in Co Meath. The company is still managed and owned by the McKeown family. It employs approximately 500 people and manages various plants and quarries across the State per the information on its website.
The company Kilmurray was set up in 1995 and is presently the property of the businessman Conor Kilmurray from Westmeath. As per the latest accounts, the company had a workforce of 21 people in 2022 and saw an accumulation of profits exceeding €15 million by the end of that year.