ATLANTA, Dec. 18, 2020 /PRNewswire/ -- Gas South announced today the closing of its acquisition of Infinite Energy. Gas South expects the acquisition to more than double its annual revenue to nearly $1 billion and to expand its customer base to over 425,000 residential, commercial, industrial and wholesale customers throughout the southeastern U.S.
Under the terms of the deal, Gas South acquired Infinite Energy's wholesale and retail natural gas business and customer list, located primarily in Georgia and Florida. Gas South's headquarters will remain in Atlanta, but the company expects to retain a presence in Gainesville, Fla., where Infinite was founded in 1994 by co-CEOs Darin Cook and Rich Blaser.
"We knew from our first meeting with Darin and Rich that Infinite Energy would be an outstanding fit for Gas South, thanks to the quality of services they provide and the enviable culture they've created," said Kevin Greiner, Gas South's President and CEO. "We are grateful for their diligent work to ensure we got this deal across the finish line and wish them tremendous success in their future endeavors. I know that their leadership DNA will continue to be an important part of Gas South for many years to come."
Scott Thomas, former CFO of Infinite Energy, will become president of the wholly owned subsidiary of Gas South as it continues operating from its Gainesville office. The other five members of the senior leadership team at Infinite Energy are also expected to remain with the company during the transition.
Greiner and other members of the Gas South leadership team will continue in their current roles during and after the transition. Gas South expects to retain Infinite Energy team members across various levels and functions as the companies are combined over the coming months.
The acquisition was supported by a revolving credit facility jointly led by Truist Securities and J.P. Morgan Chase Bank, N.A.
About Gas South:
Gas South is a leading provider of natural gas in competitive markets throughout the southeastern U.S. The company serves more than 300,000 residential, business and governmental customers in Georgia, Florida, North Carolina and South Carolina. Gas South offers simple and competitively priced rate plans, outstanding local customer service, and a promise to give back 5% of its profits to help children in need. Gas South has been recognized multiple times as one of the "Top Workplaces in Atlanta" by The Atlanta Journal-Constitution. Gas South is a wholly owned subsidiary of Cobb EMC, one of the country's largest electric cooperatives. For more information, visit www.GasSouth.com.
About Infinite Energy:
Founded in 1994, Infinite Energy provides retail natural gas service in Georgia, Florida, Ohio and New Jersey as well as retail electricity service in Texas. It also serves large industrial users able to take advantage of energy choice in other states. The company has a 4.9/5-star rating on Google and has been recognized many times as one of the best places to work by Inc., Florida Trend and Outside magazines.
The Wilbert Group
SOURCE Gas South