Paraco Gas acquired Island Propane, located on Long Island in Ronkonkoma, New York.
The acquisition of Island Propane adds nearly 5,800 customers and 2.2 million gallons to Paraco Gas in Nassau and Suffolk counties in New York. The acquisition expands Paraco Gas’ footprint on Long Island, the company says.
“The addition of Island Propane further demonstrates our commitment to the communities in these areas, as well as the employees who will service these accounts as we move forward,” says Joseph Armentano, CEO of Paraco Gas. “Today’s announcement is positive news for our customers and employees. We will continue to invest in resources and new technology to ensure our customers are offered the best products and service in the industry.”
“Our long-term relationship and the high level of trust that we have developed over the years were paramount in making this acquisition work,” adds John Armentano, vice president of acquisitions at Paraco Gas.
According to Paraco Gas, Island Propane founders Guy and Ariana Lucchese plan to join the Paraco Gas team.
“After much thought and discussion, we elected to sell our business to Paraco Gas due to the relationship we have with the Armentano family and the commitment they have demonstrated to their customers and employees,” says Guy Lucchese. “In addition to joining the Paraco team, we hope to spend more time enjoying our family and friends and truly experiencing all that life has to offer.”