Atlanta-based natural gas marketer Gas South said it has completed its takeover of Infinite Energy, creating the largest retail natural gas provider in the Southeast.
With the acquisition, Gas South expects to double its annual revenue to $1 billion, providing natural gas to around 425,000 customers in Florida, Georgia, North Carolina and South Carolina.
Gas South is owned by Cobb EMC, a nonprofit, member-owned electric cooperative. Cobb delivers to nearly 200,000 residential and commercial customers in Georgia’s Cobb, Bartow, Cherokee, Fulton, and Paulding counties.
Under the terms of the deal that was announced in October, Gas South acquired Infinite’s wholesale and retail natural gas business and customer list, primarily in Georgia and Florida. Gas South expects to maintain a presence in Gainesville, FL, where Infinite is headquartered. The transaction did not include Infinite’s electricity business in Texas.
Gas South CEO Kevin Greiner said the acquisition “would be an outstanding fit for Gas South, thanks to the quality of services they provide and the enviable culture they’ve created.”
After the transition, former Infinite CFO Scott Thomas is to begin working as president of a subsidiary of Gas South in Gainesville. Many of the senior leadership team at Infinite is expected to remain in their current positions.
Infinite co-CEOs Darin Cook and Rich Blaser noted how both companies had a focus in helping the community, especially during Covid-19. As part of Gas South’s mission to “Be a Fuel for Good,” the company pledged 5% of its annual profits to support the communities it serves. In 2020, it donated more than $1 million to help families impacted by the pandemic.
“It was very important to us to have a purchasing partner that would carry on our shared values,” said Blaser. “I can hardly wait to see the great things Gas South will do in the future.”
© 2022 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |