CH Energy Group, Inc. Announces Sale of Griffith Energy Services, Inc.
30 Janvier 2014 - 1:00PM
Business Wire
CH Energy Group, Inc. (CH Energy Group), indirect wholly owned
subsidiary of Fortis Inc. (TSX:FTS), announced today it has entered
into a definitive agreement under which subsidiary Griffith Energy
Services, Inc. (Griffith) will be acquired by Star Gas Partners,
L.P. (Star Gas) (NYSE:SGU).
Under the terms of the agreement, Star Gas will acquire the
equity of Griffith for US$69.9 million plus working capital, which
will be determined at closing. The acquisition is anticipated to
close during the first quarter of 2014, subject to customary
closing conditions and regulatory approval.
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.
“Griffith is a success story, capably expanding its customer
base and services since first joining us in 2000,” said Steven V.
Lant, Chief Executive Officer of CH Energy Group and Central Hudson
Enterprises Corp., holding companies for Griffith. “We are proud of
Griffith’s growth and accomplishments, and believe Star Gas to be
the right partner for the company. CH Energy Group has exited this
business sector so that we can concentrate on the management of our
utility holdings. We wish both Griffith and Star Gas much success
in the future, as we focus on our core operations as a New York
regulated utility company.”
Completion of the transaction is subject to, among other things,
regulatory approvals including approval under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976 and other customary closing
conditions.
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
CH Energy (NYSE:CHG)
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