Irving Buys Out Irving

Image: Wikimedia.

SAINT JOHN – Irving Oil announced Friday that the Irving Oil Family Trust has “completed a transaction” with the Jack Irving family to assume full control of Irving Oil.

In a short release on the Irving Oil web site, it says the parties have been working on completing the transaction over the past number of months.

“Today is an important day for the future of our company,” says Arthur Irving, Chairman of Irving Oil. “Irving Oil was started in 1924 by my father, K.C. Irving, and has grown to be a market leader. We are very proud of our company and the people who work with us. We are all looking forward to working together for the continued success of our business.”

Ocean Capital is the holding company that represents the business interests of the Jack Irving family. In an e-mail statement to Huddle, the company said, “Ocean Capital has a number of investments in major companies in Canada and the United States. We do not comment on the specifics of any transactions we enter into. We have been proud to be associated with Irving Oil for decades, and we wish them well in their future endeavours.”

The Irving release says Irving Oil’s Board of Directors and Leadership Team will continue to steward the company’s established business plan and lead the strategic direction of Irving Oil.