Dover-based Chesapeake Utilities Corporation announced that its subsidiary, Sharp Energy, has acquired J.T. Lee and Son’s propane operating assets in Cape Fear, NC.
Through this acquisition, Sharp Energy expands its customer base in North Carolina, including adding approximately 3,000 customers and distribution of approximately 800,000 gallons of propane annually. The transaction also includes a bulk plant with 60,000 gallons of propane storage, enabling the company to realize efficiencies with additional storage capacity and overlapping delivery territories.
“We are excited to welcome J.T. Lee and Son’s customers and employees into the Sharp Energy family,” said Andy Hesson, vice president of Sharp Energy. “J.T. Lee, which has served customers for more than 60 years, will increase our North Carolina footprint and provide cost savings and other synergistic benefits as a result of the expanded Wilmington service area.”
Sharp Energy distributes propane to residential, commercial, and industrial customers in Pennsylvania, Maryland, Delaware, Virginia, North Carolina, South Carolina, and Florida and maintains local offices in the areas served by the company.
Chesapeake acquires propane companies or adds service in areas near its natural gas utilities, one example being the purchase of the Newark-based Boulden propane company after acquiring Elkton Gas in Maryland. However, Chesapeake has been expanding into areas outside its territory in Virginia and the Carolinas.
Sharp Energy is a partner of Alliance AutoGas, a national network of companies that have joined together to deliver an alternative fueling solution, including propane AutoGas vehicle conversions, on-site fueling infrastructure, fuel supply, safety and operational training, and ongoing technical support.
Chesapeake Utilities also offers natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, and mobile compressed natural gas utility services.
