Oct 20, 2020, 12:00 ET
ATLANTA, Oct. 20, 2020 /PRNewswire/ -- Gas South will acquire Florida-based Infinite Energy in a deal announced today by the two companies. The acquisition is subject to customary regulatory approvals and is expected to close by the end of 2020.
With this acquisition, Gas South expects to more than double its annual revenue to approximately $1 billion. The combined company will provide natural gas service to approximately 425,000 residential, commercial, industrial and wholesale customers throughout the Southeast. The company's headquarters will remain in Atlanta, but Gas South will retain Infinite Energy's presence in Gainesville, Fla., where it was founded in 1994 by co-CEOs Darin Cook and Rich Blaser.
"The opportunity to acquire Infinite Energy brings together two strong and successful companies with shared geographic footprints, similar 'people first' cultures and complementary core business competencies," said Kevin Greiner, Gas South's president and CEO. "We've long admired the work Darin and Rich have done to launch one of the original natural gas providers in Georgia and Florida and build it into an impressive energy retailer that also has a leading wholesale and trading business. We're excited to welcome Infinite Energy's employees and customers to Gas South."
Gas South will acquire Infinite Energy's wholesale and retail natural gas business and customer list, located primarily in the states of Georgia and Florida. Infinite Energy's retail electricity business in Texas is excluded from the transaction.
"We can't think of a better company to continue our legacy than Gas South," said Darin Cook. "Like us, they are committed to high ethical standards for serving customers and employees alike."
Cook and Blaser noted that both companies focus on community involvement, customer experience and company culture. As part of Gas South's mission to "Be a Fuel for Good," the company pledges 5% of its annual profits to support the communities it serves. In 2020, it donated over $1 million to help families impacted by COVID-19.
"It was very important to us to have a purchasing partner that would carry on our shared values," said Rich Blaser. "I can hardly wait to see the great things Gas South will do in the future."
The acquisition will be 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
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