Processing timeline
25
days
Acquirer(s)
FREEDOM FUELS AUSTRALIA PTY LTD ABN - 49 093 244 761
Target(s) or Vendor(s)
Rennic Pty Ltd ABN - 28 124 280 173
Other parties
TRINITY PETROLEUM SERVICES PTY. LTD. ABN - 52 010 708 102, Idemitsu Kosan Co. Ltd
Freedom Fuels Australia Pty Ltd is acquiring the operating rights and equipment for Rennic Pty Ltd's sole remaining 'Connetic' fuel retail site in Armidale, NSW. This business sale agreement sees independent fuel business Freedom Fuels expand its retail footprint by acquiring the last site of independent fuel business Rennic.
Freedom Fuels Australia Pty Ltd ( Freedom Fuels ) is a small to medium sized, independent fuel business that operates across the fuel wholesale, fuel distribution and fuel retail markets in Eastern Australia. Freedom Fuels is wholly owned by Idemitsu Kosan Co. Ltd – a Japanese energy company. Together with its sister company Trinity Petroleum Services Pty Ltd, Freedom Fuels operates 54 fuel retail sites in total – 52 in Queensland and two in the Northern Rivers Region of NSW (located in Kingscliff and Terranora). Freedom Fuels also operates a fuel wholesale business in Queensland, NSW and Victoria. Rennic Pty Ltd ( Rennic ) is a small, independent fuel business that has been divesting its fuel retail sites in recent years. Rennic's sole remaining fuel retail site is located in Armidale NSW, which operates under a trademark registered to Rennic ('Connetic'). Freedom Fuels proposes to acquire the operating rights and equipment for the sole remaining 'Connetic' fuel retail site operated by Rennic in Armidale NSW pursuant to a business sale agreement.