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