Ion Equity buys Blue Ocean

Ion Equity said it has bought Blue Ocean, but would not disclose the price it paid for the fuel supplier.

Reports say the private equity house may have paid more than US$220m for the company, which makes £1bn in annual revenue.

As part of the deal, Ion is also acquiring Harvest Energy, which mixes and supplies fuel to supermarkets and other large business customers in the UK.

Ion is now planning to grow the business, which would include making bolt-on acquisitions in the UK and the rest of Europe.