Dover, DE – Chesapeake Utilities Corporation (NYSE: CPK) announced today that its propane subsidiary, Sharp Energy, executed an agreement to acquire the propane operating assets of Boulden Brothers Propane in Newark, Delaware. The parties closed on this transaction on December 13, 2019. Terms of the transaction were not publicly disclosed.
“This acquisition is a strategic fit for our Company as it allows Sharp Energy to further expand the availability of its propane services and resources in our existing Maryland, Delaware and Pennsylvania footprint,” said Jeff Householder, President and Chief Executive Officer of Chesapeake Utilities Corporation. “Sharp Energy has been a significant growth engine within our Company and a market leader in the areas we serve, consistently identifying new product and service offerings to meet customer demand, including our community gas systems, wholesale capabilities, and our AutoGas offerings. Adding the propane operating assets of Boulden Brothers will further build upon our strong propane distribution foundation.”
Boulden Brothers Propane, a family-owned and operated company, has been providing propane service since 1968. Boulden provides propane service to approximately 5,200 residential and commercial customers and sells approximately three million gallons of propane throughout Delaware, Maryland and Pennsylvania.
“We are excited to join forces with Boulden Brothers, a long-standing company in the region that shares the same values as Sharp Energy — a commitment to environmental responsibility, safety and exceptional customer service,” said Andy Hesson, Vice President of Sharp Energy. “We look forward to welcoming the Boulden team members into the Sharp organization, and will work toward a seamless transition for all customers.”
About Sharp Energy
Sharp Energy, headquartered in Georgetown, Delaware, distributes propane to approximately 42,000 residential, commercial and industrial customers in Maryland, Delaware, Virginia and Pennsylvania. With four rail facilities and over three million gallons of propane storage, Sharp Energy has established a solid supply portfolio. Sharp Energy is a proud partner of Alliance AutoGas, a national network of companies that have joined together to deliver a comprehensive alternative fueling solution including EPA-certified propane AutoGas vehicle conversions, on-site fueling infrastructure, fuel supply, safety and operational training, and ongoing technical support. To learn more about Sharp Energy, visit www.sharpenergy.com.
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy company engaged in natural gas distribution and transmission; electricity generation and distribution; propane gas distribution; and other businesses. Information about Chesapeake Utilities Corporation’s businesses is available at www.chpk.com, through the Company’s Investor Relations App and on the Annual Report Microsite at cpkannualreport.com.
Please note that Chesapeake Utilities Corporation is not affiliated with Chesapeake Energy, an oil and natural gas exploration company headquartered in Oklahoma City, Oklahoma.
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