Sharp Energy acquires Boulden Brothers Propane

Sharp Energy, the propane subsidiary of Chesapeake Utilities Corp., acquired the propane operating assets of Delaware-based Boulden Brothers Propane. Matrix Capital Markets Group Inc. provided advisory services to Boulden Brothers Propane.

“This acquisition is a strategic fit for our company as it allows Sharp Energy to further expand the availability of its propane services and resources in our existing Maryland, Delaware and Pennsylvania footprint,” says Jeff Householder, president and CEO of Chesapeake Utilities. “Sharp Energy has been a significant growth engine within our company and a market leader in the areas we serve, consistently identifying new product and service offerings to meet customer demand, including our community gas systems, wholesale capabilities and our autogas offerings. Adding the propane operating assets of Boulden Brothers will further build upon our strong propane distribution foundation.”

Boulden Brothers Propane, a family-owned and operated company, has been providing propane service since 1968. Boulden provides propane service to about 5,200 residential and commercial customers and sells about three million gallons of propane throughout Delaware, Maryland and Pennsylvania.

“We are excited to join forces with Boulden Brothers, a long-standing company in the region that shares the same values as Sharp Energy – a commitment to environmental responsibility, safety and exceptional customer service,” says Andy Hesson, vice president of Sharp Energy. “We look forward to welcoming the Boulden team members into the Sharp organization, and will work toward a seamless transition for all customers.”

Matrix provided merger and acquisition advisory services to Boulden Brothers Propane, which included valuation advisory; marketing the business through a confidential, structured sale proces; and negotiation of the transaction. The transaction was managed by Vance Saunders, managing director; Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Group; John Duni, senior associate; and John Mickelinc, senior analyst.

“The Boulden family has built one of the most successful and highly regarded propane companies in the region, and we are honored to have advised them on the divestment of such a quality asset,” Saunders says. “We enjoyed working with Mike and Tim and wish them all the best as they continue to grow their HVAC, plumbing and electrical businesses.”