CH Energy Group, Inc. and Star Gas Partners Close on Sale of Griffith Energy Services, Inc.
2014年3月5日 - 3:00AM
ビジネスワイヤ(英語)
CH Energy Group, Inc. (CH Energy Group), indirect wholly owned
subsidiary of Fortis Inc. (TSX:FTS), announced today it has
completed the sale of subsidiary Griffith Energy Services, Inc.
(Griffith) to Star Gas Partners, L.P. (Star Gas) (NYSE:SGU).
Under the terms of the agreement, Star Gas acquired the equity
of Griffith for US$69.9 million plus working capital.
Star Gas is the nation's largest retail distributor of home
heating oil, based upon sales volume, operating throughout the
Northeast and Mid-Atlantic, with sales of more than US$1.7 billion
in fiscal year 2013.
Griffith is a leading energy services provider in the
Mid-Atlantic region, distributing heating oil, motor fuels and
propane and providing HVAC services to both residential and
commercial customers. Griffith has operations in Virginia, West
Virginia, Delaware, District of Columbia, Maryland, and
Pennsylvania.
“We wish Griffith future success as a part of the Star Gas
organization,” said Christopher Capone, Chief Financial Officer of
CH Energy Group.
CH Energy Group exited this business sector to focus on its core
utility operations in New York. Lazard Middle Markets served as
financial advisor, and Thompson Hine as legal advisor.
Additional information about Griffith and Star Gas can be found
at www.GriffithOil.com and www.Star-Gas.com.
CH Energy Group, Inc.John Maserjian, 845-471-8323
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