Gas South to buy Infinite Energy
Gas South - a leading provider of natural gas - is projecting its annual revenues to double to $1 billion following news of its proposed acquisition of Florida-based Infinite Energy.
The deal, subject to regulatory approvals and expected to close by the end of 2020, will see Gas South acquire Infinite Energy’s wholesale and retail natural gas business and customer list, located primarily in the states of Georgia and Florida. The combined company will provide natural gas service to approximately 425,000 residential, commercial, industrial and wholesale customers throughout the southeast.
“The opportunity to acquire Infinite Energy brings together two strong and successful companies with shared geographic footprints, similar ‘people first’ cultures, and complementary core business competencies,” said Kevin Greiner, Gas South’s president and CEO.
“We’ve long admired the work Darin and Rich have done to launch one of the original natural gas providers in Georgia and Florida and build it into an impressive energy retailer that also has a leading wholesale and trading business. We’re excited to welcome Infinite Energy’s employees and customers to Gas South.”
As part of Gas South’s mission to “Be a Fuel for Good,” the company pledges 5 percent of its annual profits to support the communities it serves. In 2020, it donated over $1 million to help families impacted by COVID-19.
The acquisition will be supported by a revolving credit facility jointly led by Truist Securities and J.P. Morgan Chase Bank, N.A. Infinite Energy’s retail electricity business in Texas is excluded from the transaction.
