ThompsonGas acquires Cooperative Propane Inc. and Fox Gas

September 09, 2011|By HEATHER KEELS |

ThompsonGas, a Hagerstown-based propane company, continues to grow, with the recent acquisitions of two more U.S. firms, the company announced this week.

ThompsonGas-Southeast, a subsidiary of the local company, has substantially purchased all of the assets of Cooperative Propane Inc. of Andalusia, Ala., and Fox Gas of Foxworth, Miss., according to a company news release.

The Fox Gas purchase was completed in early August, and the Cooperative Propane deal closed Aug. 31, ThompsonGas President and Chief Executive Officer J. Randall Thompson said.

The new acquisitions will add $20 million in annual revenues and makes Thompson Gas the 19th largest retail propane company in the United States, the release said.

They are the latest in a series of acquisitions announced by ThompsonGas in recent years. The company acquired six propane companies in 2010 and 2011.

When the most recent acquisitions are complete, ThompsonGas will serve nearly 170,000 customers in 10 states, the release said.

In December, when the company announced two previous acquisitions, the count was 150,000 customers in nine states.

Thompson said Thursday that he is pleased with the company's growth.

"Our five-year goal is to be in the top 10 propane companies in the United States," he said.

ThompsonGas has offered employment to substantially all of the current employees of both Cooperative and Fox, the release said.

Benny Gay of Cooperative will become Thompson Gas' regional vice president for Southeast operations and will oversee the company's propane operations in the region, the release said.

ThompsonGas markets, sells and distributes propane to residential, commercial, industrial and agricultural customers. It has more than 44 customer-service centers throughout the United States, the release said.

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