With the Acquisition of Drivers Energy, Tarheel Oil and Propane, and Quality/Ideal Gas, ThompsonGas Continues its Vision to Create the Nation’s Most Enduring Propane Company.
Hagerstown, MD (PRWEB) December 15, 2012– ThompsonGas announced today that its subsidiary, ThompsonGas-Smokies, LLC (the “Company”) has purchased substantially all of the assets of Drivers Energy, (“Driver”) based in Dawson Georgia, Tarheel Oil and Propane in North Wilkesboro, North Carolina and the Quality/Ideal Gas group based in Griffin, Georgia. ThompsonGas’ purchase of these companies follows on the heels of three earlier acquisitions of propane companies in 2011 and in the first half of 2012.
With these acquisitions, ThompsonGas will become the 16th largest retail propane company in the United States by adding nearly seven million gallons and $26 million in annual revenues. When complete, the company will serve nearly 190,000 customers in 11 states. These transactions are expected to be immediately accretive to ThompsonGas cash flow.
“We are excited to bring together ThompsonGas and the other great companies. These are three high-quality propane businesses with great people,” said J. Randall Thompson, President and CEO of ThompsonGas. “These transactions represent an attractive strategic opportunity for ThompsonGas. We are continuing to greatly expand our presence in the Southeast and the whole east coast of the United States. These additions enhance ThompsonGas’ operating platform and further positions us to deliver long-term growth in cash earnings to our members.”
These companies will blend into our current market footprint. “Much of what has made them successful propane companies are the employees’ commitment to customers and their entrepreneurial spirit. We are extremely excited about welcoming this high-quality, dedicated workforce to the ThompsonGas team,” said Thompson.
“ThompsonGas has offered employment to substantially all of the current employees of all three companies,” said Thompson. “Customers and employees are what matter to ThompsonGas, and we’ll take good care of both,” said Thompson.
The transactions represent ThompsonGas’ 20th thru 22nd acquisitions since its founding in 1946, and ThompsonGas intends to operate the assets under existing trade names for the next 12 to 24 months. ThompsonGas intends to permanently finance the transactions with a combination of equity and debt in line with its long-term capital structure objectives.