Colonial Group acquires Foster Fuels

Foster Fuels Inc. entered into an agreement to join Colonial Group Inc., a Savannah, Georgia-based family-owned and -operated group of companies serving the energy, chemical, logistics and transportation sectors.

The partnership positions Foster Fuels, based in Brookneal, Virginia, for continued growth while strengthening its ability to serve customers throughout and beyond its current service areas, the company says. It will gain access to additional resources, expanded capabilities and long-term investment that support the company’s future.

Foster Fuels, which ranked 28th on the LP Gas list of Top Propane Retailers, believes the strong alignment between the two organizations’ cultures, leadership philosophies and commitment to customers made Colonial the right partner for the future.

For Foster Fuels, that includes its longstanding tradition of community involvement, including the impact of the Foster Foundation, which supports the efforts of local organizations. The foundation will remain an independent organization, and both companies say they remain committed to supporting local communities.

“Deciding to sell our century-old family business was hard. Deciding who to sell it to was easy,” says Watt Foster, CEO of Foster Fuels. “It was about culture, longevity, honor and values. Those qualities ensure that your employees and customers will be well taken care of. Foster has been doing business with Colonial for decades, and I know the future of our great company is in good hands. Together, we will be better.”

Adds Christian Demere, president and CEO of Colonial Group, “From the beginning, we recognized that there was something incredibly unique about Foster Fuels. We were impressed by the business and its capabilities, but we were even more impressed by the people we met and the culture they have built. It is rare to find two companies, each with more than a century of history, whose values, cultures and commitment to their customers and communities align as closely as ours do.”

All Foster Fuels employees are expected to continue with the organization, the company says, and customers will continue working with the same team members.

Colonial says it is committed to supporting employees throughout the integration process while building upon expertise, relationships and customer focus.

Financial terms of the transaction were not disclosed. The acquisition is expected to close Oct. 1, subject to customary regulatory approvals and closing conditions.

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