Reliable Energy Partners launches with 3 acquisitions

Reliable Energy Partners, a new portfolio company of New York-based private equity firm Soundcore Capital Partners LP, launched in November with the acquisition of three propane companies.

Reliable, led by CEO Sean Daugherty, acquired Florida Lift Gas, Nashville Propane Exchange and Gateway Propane – all joint-venture companies of American Cylinder Exchange and Rhine Family business units.

Soundcore formed Reliable Energy Partners, a growth platform targeting residential and commercial customers, through its investment in Florida Lift Gas. The acquired propane distributor, with locations in Tampa and Orlando, Florida, specializes in providing forklift cylinder exchange services to a wide range of commercial customers.

“We are excited to launch the 14th platform in Soundcore’s history with our entry into the growing propane distribution sector, marking the conclusion of months of market mapping and identification of key organic and acquisition-related growth levers by the Soundcore team,” says Jarrett Turner, managing partner and founder of Soundcore. “The propane industry is primed for consolidation and professionalization, a core competency of Soundcore’s differentiated approach to value creation.”

Reliable also acquired Nashville Propane Exchange. Based in La Vergne, Tennessee, Nashville Propane Exchange is a propane distributor specializing in forklift cylinder exchange services for a diverse base of commercial and industrial customers.

“As part of our strategic planning, we identified a number of high-potential markets, and Nashville is a perfect fit,” says Michael Khutorsky, senior managing director at Soundcore. “We see significant growth potential, including expanding into residential propane services, which will be complemented by executing on a robust pipeline of acquisition opportunities.”

Reliable also acquired Gateway Propane, a propane distributor that provides forklift cylinder exchange services to commercial and industrial customers in the greater St. Louis metropolitan area. With this acquisition, Reliable, with headquarters in Tampa, Florida, extended its operational footprint to three states as it looks to grow in metropolitan areas across the Northeast, Southeast, mid-Atlantic and Midwest regions.

Blue Peak Resources acted as the sell-side adviser and principal negotiator in the sale of the three companies. The team conducted financial valuations, developed a comprehensive business offering package for prospective buyers and provided full support throughout negotiations to finalize the transaction.

Terms of the three transactions were not disclosed.

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