With Acquisition Complete, Gas South Names New Leadership For Infinite Energy
December 21, 2020 Email This Story Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Gas South announced the closing of its previously reported acquisition of Infinite Energy (which excluded the Texas electric book).
Gas South expects the acquisition to more than double its annual revenue to nearly $1 billion and to expand its customer base to over 425,000 residential, commercial, industrial and wholesale customers throughout the southeastern United States. Prior to the acquisition, Gas South was serving more than 300,000 residential, business and governmental customers in Georgia, Florida, North Carolina and South Carolina
Under the terms of the deal, Gas South acquired Infinite Energy's wholesale and retail natural gas business and customer list, located primarily in Georgia and Florida. Gas South's headquarters will remain in Atlanta, but the company expects to retain a presence in Gainesville, Fla., where Infinite was founded in 1994 by co-CEOs Darin Cook and Rich Blaser.
Scott Thomas, former CFO of Infinite Energy, will become president of the wholly owned subsidiary of Gas South as it continues operating from its Gainesville office. The other five members of the senior leadership team at Infinite Energy are also expected to remain with the company during the transition, Gas South said
Kevin Greiner, Gas South's President and CEO, and other members of the Gas South leadership team will continue in their current roles during and after the transition. Gas South expects to retain Infinite Energy team members across various levels and functions as the companies are combined over the coming months.
The acquisition was supported by a revolving credit facility jointly led by Truist Securities and J.P. Morgan Chase Bank, N.A.
As previously reported, Vistra entered into an agreement to acquire the Texas retail electric customers of Infinite Energy and Veteran Energy