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.
Copyright Business Wire 2014