Griffith Energy

The Story

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.

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


Rochester, NY


Value-Added Distribution

Investment Date

October 2003





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