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Griffith Energy

Founded in 1922, Griffith Energy is a route-based distribution business focused on the delivery of propane, heating oil, and power fuels. The company serves over 100,000 residential and commercial customers primarily in New York state.


How We Partnered

Transaction Dynamics

A partnership with management to acquire a corporate divestiture from Energy East Corporation.  A shift in Energy East’s strategy led to the divestiture.

Investment Thesis

  • #1 or #2 market position in most markets in Western and Central NY
  • Leverage prior experience in route based distribution businesses
  • Strong and experienced management team with significant industry experience
  • Stable and diverse residential customer base
  • Several add-on acquisition opportunities

Incline Value Enhancement

  • Sourced and closed seven add-on acquisitions during ownership
  • Grew EBITDA from $17 million in 2003 to over $21 million at exit
  • Rationalized unprofitable wholesale customers
  • Accelerated environmental compliance and remediation plans
  • Led a dividend recapitalization of the business in April 2009
  • Sold to strategic acquirer for $125 million

Please read our regulatory information


Rochester, NY




Value-added Distribution


October 2003

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