ThompsonGas completes eighth acquisition this year

September 25, 2020 By    

ThompsonGas, headquartered in Frederick, Maryland, acquired EnergyUnited Propane of Statesville, North Carolina, from its parent company EnergyUnited Electric Membership Corp.

This acquisition marks a record-setting eighth acquisition for ThompsonGas in 2020.

“EnergyUnited is a great company with an experienced, talented group of employees whose values and principles of taking care of their employees and customers mirror those of ThompsonGas’ and is a perfect fit for what we are trying to build for the future,” says Jeff Kerns, CEO of ThompsonGas.

EnergyUnited Propane operates in North Carolina, South Carolina and Virginia with 14 locations and over 70 employees serving more than 29,000 residential and commercial customers.

“EnergyUnited Propane’s employees are dedicated to customer service and going above and beyond to service the customer,” says Jim Davis, COO of ThompsonGas. “We plan on supporting and enhancing the customer experience to continue the legacy of EnergyUnited Propane and build synergies within our current footprint around North Carolina.”

In 2000, EnergyUnited Electric Membership founded EnergyUnited Propane through the acquisition of All Star Gas’ North Carolina markets, as well as the development of greenfield sites in North Carolina. EnergyUnited Propane acquired the South Carolina markets of All Star Gas in 2001 and Albemarle Propane, based in Camden, North Carolina, in 2007. In 2013, EnergyUnited Propane purchased Lake Norman Propane.

“EnergyUnited Propane has been a successful business venture for our membership thanks to the support of our members and the leadership of our incredible propane employees,” says Wayne Wilkins, CEO of EnergyUnited Electric Membership. “We are very proud of the historic accomplishments that led to this moment and firmly believe that this agreement with ThompsonGas offers tremendous value for EnergyUnited members and EnergyUnited Propane customers.”

Post-closing, ThompsonGas and EnergyUnited Electric Membership will maintain a coordinated customer marketing effort within EnergyUnited Electric Membership’s electric footprint in central and western North Carolina.

Matrix Capital Markets Group advised on the sale of EnergyUnited Propane, which included valuation advisory, marketing the company through a confidential, structured sale process and negotiation of the sale. The transaction was managed by Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, director; and Nathan Wah, senior analyst.

Featured image: designer491/iStock / Getty Images Plus/Getty Images

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