DCC plc (DCC.L), a customer-focused energy business, on Thursday said it has agreed to acquire UGI International LLC's liquid gas businesses in Poland, Hungary, Czechia and Slovakia for an enterprise value of about €48 million on a cash-free, debt-free basis.
The acquisitions are expected to generate a mid-teen return on capital employed in the second year of ownership.
The businesses supplied more than 200 million litres of liquid gas to around 30,000 bulk and cylinder customers in the year ended September 2025, with over 90% of volumes coming from commercial and industrial clients. Operations are supported by a shared service centre in Warsaw, which offers scope for further expansion.
The largest acquisition is AmeriGas Polska, which serves more than 10,000 bulk customers and about 8,000 cylinder customers and holds roughly 13% market share in Poland's liquid gas market, excluding auto gas. The remaining FLAGA-branded businesses in Hungary, Czechia and Slovakia serve a combined 12,000 customers.
"Liquid gas represents a compelling growth opportunity for DCC to consolidate fragmented markets at high returns. We are very focused on growing our liquid gas business in both Europe and North America," Donal Murphy, Chief Executive of DCC.
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