Millers Oils Ltd announces the acquisition of Fuel Additive Science Technologies Ltd (FAST)
Millers Oils is pleased to announce that the company has acquired 100% of the share capital in Fuel Additive Science Technologies Ltd (FAST). FAST will continue to operate as a wholly owned subsidiary of Millers Oils Ltd.
By acquiring FAST, Millers Oils will also take ownership of the established Exocet brand, a range of fuel additives and treatments which are used in a wide range of sectors including some in which Millers Oils already operate. The established Exocet additives will help broaden the existing range of Millers Oils products, expanding the company’s customer base into the marine and domestic heating oil sectors, both within the UK and overseas. Millers Oils which was established in 1887, has many years of experience working closely with the additive industry to develop their technical oils, lubricants and fuel treatments. It is anticipated that the company’s strong R&D commitment will help further develop the brand through the introduction of new innovative products, designed to meet a variety of new stringent applications that will be driven by legislation.
Jamie Ryan, Managing Director at Millers Oils, said, “This modest acquisition of FAST is strategic and fits very well with Millers Oils due to the high profile of the Exocet brand within a broad range of sectors, some of which will be new to the company. With FAST being a former supplier of Millers Oils, we know the company well. There are two good reasons why this acquisition will be successful; firstly, FAST has a great team of dedicated skilled employees who operate along similar high quality and technologically innovative lines, and secondly, the business is very complementary to our own. There will of course be some synergy savings, but the ‘jewel in the crown’ is the Exocet brand. I anticipate an immediate increased business footprint through access to a wider and more diverse customer base which will provide cross-selling opportunities. This acquisition can be regarded as the first step in Millers Oils strategic aim for business expansion and greater profitability within the UK and overseas”.
Robert Hall, Chairman of Fuel Additive Science Technologies Ltd, said, “I am proud to have co-founded and grown FAST over the last 15 years. Exocet has become a leading brand in the fuel additive market, a fact clearly recognised by Millers Oils. The acquisition of FAST will provide the company with the much needed financial and managerial resources to expand and develop new and exciting products”. Robert Hall and SallyAnn Bell will remain as consultants in the short term. FAST’s Managing Director, Neil Ryding, will remain to provide management continuity and will work with Jamie Ryan at Millers Oils to fully integrate the business.