Sharp Energy acquires Davenport Energy’s propane division

Sharp Energy, the propane subsidiary of Chesapeake Utilities Corp., acquired the propane operating assets of Davenport Energy’s Siler City, North Carolina, propane division.

Through this acquisition, Sharp Energy expands its operating footprint further into North Carolina, where customers will be served by its Diversified Energy division.

“As we expand further into North Carolina, we are pleased to integrate the Davenport Energy business into Sharp Energy, operating as Diversified Energy,” says Andy Hesson, vice president of Sharp Energy. “Customers can expect a seamless transition in their propane service.”

The acquisition adds about 850 customers and distribution of about 406,000 gallons of propane annually to Sharp Energy’s territory.

“Propane is a core part of our unregulated energy operations,” says Jeff Householder, president and CEO of Chesapeake Utilities. “In rural areas especially, where natural gas is not available, propane is in high demand. We are looking forward to welcoming the Davenport employees to the Chesapeake Utilities family and are committed to serving our new customers with excellence, integrity and care.”

Davenport Energy has been distributing petroleum products throughout southern, southwest and central Virginia and North Carolina for over 80 years. In addition to delivering propane, fuel oil and other petroleum products to more than 30,000 customers, the company also supplies gasoline and diesel fuel to more than 200 convenience stores throughout the region.

“Over the past few years, we have taken a more pragmatic view of our business, including our preferred geographic operational areas,” says Lewis Wall, the company’s CEO. “We found the Sharp Energy team to be extremely professional to deal with, and we sincerely believe that our customers will be well served by them into the future.”

PetroActive Real Estate Services provided exclusive advisory services to Davenport Energy for this transaction.

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