CH Energy Group, Inc. and Star Gas Partners Close on Sale of Griffith Energy Services, Inc.

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

CH Energy (NYSE:CHG)
Historical Stock Chart
From Apr 2024 to May 2024