With This Acquisition, ThompsonGas Continues On Its Path to Becoming One of the Largest Propane Suppliers in the U.S.
Hagerstown, MD – May 7, 2013 – ThompsonGas, a leading propane service provider, announced its purchase of substantially all assets of Campbell’s Bottled Gas, Inc., and Campbell EasiGas, Inc., (collectively “Campbell”) based in Manassas, Va. ThompsonGas’ purchase of this company follows on the heels of three previous propane acquisitions in late 2012.
With these acquisitions, ThompsonGas will become the 18th largest retail propane supplier in the U.S. by adding nearly 1.5 million gallons annually. When complete, the company will serve more than 190,000 customers in 10 states. These transactions are expected to be immediately accretive to ThompsonGas’ cash flow. This is ThompsonGas’ first physical plant presence in the Commonwealth of Virginia.
“We are excited to bring together ThompsonGas and the Campbell operations,” said J. Randall Thompson, President and CEO of ThompsonGas. “This is a high-quality propane supplier with great people serving a great geographic area of Northern Virginia. These transactions represent an attractive, strategic opportunity for ThompsonGas. We are continuing to greatly expand our presence in the Mid-Atlantic and the entire East Coast of the U.S. These additions enhance ThompsonGas’ operating platform and further positions us to deliver long-term growth in cash earnings to our members.”
Campbell’s will blend seamlessly into ThompsonGas’ current market footprint, and ThompsonGas has offered employment to substantially all current employees. “Much of what has made Campbell a successful propane supplier are the employees’ commitment to customers and their entrepreneurial spirit,” Thompson said. “We are extremely excited about welcoming this high-quality, dedicated workforce to the ThompsonGas team.”
This transaction is ThompsonGas’ 26th acquisition since its founding in 1946. The propane gas service company intends to operate the assets under its existing trade name for the next 12 to 24 months. ThompsonGas will permanently finance the transactions with a combination of equity and debt, in line with its long-term capital structure objectives.