January 15, 2012–Flo-Gas Corporation, a subsidiary of Florida Public Utilities Company, announced today its purchase of the assets of Crescent Propane, a propane company headquartered in Newberry, Florida.
Crescent Propane was founded over ten years ago and provides propane service to just over 800 residents and commercial accounts in western Alachua County. Locally-owned and operated by Jack Coleman since its formation, Mr. Coleman has agreed to remain with Florida Public Utilities Company in a consulting role.
The acquisition of Crescent Propane will allow Flo-Gas Corporation to expand its propane footprint in this area of Florida, further advancing the Company’s strategic objectives.
The terms of the transaction are not being disclosed.
Florida Public Utilities Company is a wholly-owned subsidiary of Chesapeake Utilities Corporation (NYSE: CPK). Headquartered in West Palm Beach, Florida, FPU distributes natural gas, propane and electric services to approximately 100,000 customers in growing markets throughout Florida. Chesapeake Utilities Corporation is a diversified utility company engaged in natural gas distribution, transmission and marketing; electric distribution, propane gas distribution and wholesale marketing, advanced information services and other related services. Information about Chesapeake’s business is available at www.chpk.com.