Gas Utilities M&A » By The Online Investor Staff, updated Fri., Apr. 16, 3:49 PM
Recent mergers and acquisitions in the Gas Utilities M&A category.
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Slide #10. Star Gas Partners, L.P. — Griffith Energy
Acquirer:
Star Gas Partners, L.P. (NYSE:SGU)
Acquiree:
Griffith Energy
Details:
Star Gas Partners, L.P. (the "Partnership" or "Star") (NYSE:SGU), a home energy distributor and services provider specializing in heating oil, today announced that it has completed its acquisition of Griffith Energy Services, Inc. ("Griffith"). As previously announced, the Partnership acquired the equity of Griffith for $69.9 million plus estimated working capital, which amounted to $32.2 million at closing.
Star Group is a home heating oil and propane distributor and services provider. Co. sells home heating oil and propane to full service residential and commercial customers and on a delivery only basis. Co. also sells gasoline and diesel fuel to customers. Co. installs, maintains, and repairs heating and air conditioning equipment and to a lesser extent provides these services outside its heating oil and propane customer base including service contracts for natural gas and other heating systems. Co. conducts its business through an operating subsidiary, Petro Holdings, Inc., utilizing several local brand names, such as Petro Home Services, Meenan, and Griffith Energy Services, Inc.
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