The acquisitions were completed by four separate mergers of Energy Inc’s wholly-owned Ohio acquisition subsidiaries with and into each of the acquired companies. The transaction was approved by the public service commissions of Ohio and Pennsylvania.
Kevin Degenstein, president and CEO of Energy Inc, said: “These acquisitions fit well with our strategy to grow our customer base, fully utilize the expertise of our personnel and leverage our fixed operating costs.
“In addition, we believe that this transaction will help us build a solid foundation for future growth in revenue and increased shareholder value.”
Orwell, NEO and Brainard are natural gas distribution companies that serve approximately 23,131 customers in Northeastern Ohio and Western Pennsylvania. GPL is a real estate holding company whose primary asset is real estate that is leased to NEO.
