14.04.16. Rubis is to acquire Bermuda Gas & Utility Company Ltd from the Ascendant Group Limited, the parent company of Bermuda Electric Light Company Limited (BELCO) which is Bermuda’s sole supplier of electricity. The deal is worth US$17.7 million plus final adjustments to reflect the working capital in the business on completion.
Bermuda Gas is the main LPG retailer in Bermuda, with 5,000 tons of cylinders and bulk distribution annually across the island. Due to its import and storage infrastructure in Bermuda, Rubis was the former LPG supplier of Bermuda Gas.
By integrating the whole LPG distribution chain, the acquisition represents a strong add-on to Rubis’s existing position in this product, the company stated.
Rubis is already a leading operator in fuel distribution in Bermuda, including retail, marine, commercial and lubricants representing an annual volume of 50,000 cbm.

14th April 2016