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April 23, 2012

Downeast Energy acquired by Oklahoma company

Brunswick-based Downeast Energy has been acquired by a Tulsa, Okla., energy company. NGL Energy Partners LP today announced it signed an agreement with Downeast Energy to acquire its assets in Maine and New Hampshire for a combination of cash and NGL Common Units, according to a press release.

Downeast has 14 offices in southern and central Maine and Dover, N.H., serving 50,000 customers and delivering 12 million gallons of retail propane and 28 million gallons of heating oil annually. The company will open a supply terminal in Portland as part of the acquisition, which is subject to regulatory approval and is expected to close at the end of April or early May.

The company has been owned by the Morrell family for over 80 years. In a letter to its customers posted on its Facebook page, members of the Morrell family said they made the decision “with mixed emotions.” They said all employees, with the exception of some family members, will be retained. John Peters, who has been with the company for 31 years, will remain president of Downeast.

NGL Energy Partners owns and operates three energy segments: midstream, which operates propane terminals throughout parts of the United States and Canada; wholesale propane supply; and a retail operation that markets and sells propane. According to its most recent quarterly filing in February, it has a net income of $6.1 million.

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