This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Star Gas Partners, L.P. Agrees To Acquire Griffith Energy Services, Inc.

STAMFORD, Conn., Jan. 30, 2014 (GLOBE NEWSWIRE) -- 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 entered into a definitive agreement under which the Partnership will acquire Griffith Energy Services, Inc. ("Griffith") of Columbia, Maryland from Central Hudson Enterprises Corporation. Griffith services customers in Virginia, West Virginia, Delaware, the District of Columbia, Maryland, and Pennsylvania.

Under the terms of the agreement, Star will acquire the equity of Griffith for $69.9 million plus working capital, which will be determined at closing. Star will purchase Griffith utilizing the Partnership's cash on hand and its recently restated and amended credit facility. The acquisition is anticipated to close during the second fiscal quarter of 2014, subject to customary closing conditions and regulatory approval.

In commenting on this acquisition, Star Gas Partners Chief Executive Officer Steve Goldman stated, "Ever since our last major acquisition, of Champion in 2010, we have been searching for additional assets that can add scale and leverage our existing fixed cost base. Griffith does just that – providing access to approximately 50,000 residential and commercial accounts across the Mid-Atlantic region. Griffith is a 100-year-old brand that is broadly recognized as a premier fuel and service provider and ranks as a top heating oil distributor in its territories. As we have done with all our acquisitions, Star plans to operate Griffith with the company's existing staff to maintain the excellent reputation that the brand has earned over many years.We believe Griffith will be an exceptional fit with Star and look forward to working with its management team and employees in the coming months."

For Griffith's fiscal year ended December 31, 2012, the company had sales of $280.4 million and sold 72.4 million gallons of petroleum products including 24.9 million gallons of home heating oil, 0.8 million gallons of propane and 47.0 million gallons of motor fuel.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 -0.76%
FB $101.00 1.47%
GOOG $684.12 0.89%
TSLA $143.67 -3.09%
YHOO $27.10 1.04%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs