Genie Energy Acquires Retail Supplier
August 14, 2017 Email This Story Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
Genie Energy Ltd today announced that its Genie Retail Energy division has acquired Mirabito Natural Gas, a Ft. Lauderdale, Florida-based natural gas supplier, from Angus Energy for $3 million plus Mirabito's working capital.
Mirabito Gas serves commercial and governmental customers throughout Florida. Its customer base comprises approximately 10,000 residential customer equivalents (RCEs).
"Mirabito Gas has built a successful business by reducing energy costs and mitigating risk for its commercial customers in Florida. Its management team has demonstrated the ability to sustain profitability in a range of market conditions and brings considerable commercial supply management expertise to Genie Energy. We look forward to partnering with them to pursue additional opportunities in Florida," said Michael Stein, COO of Genie Energy.
With the acquisition of Mirabito Gas, Genie's retail energy supplier brands expand their respective offerings to 12 states.
"Our commercial energy brokers and their customers can particularly benefit from Genie's established back-office systems and support, transparent processes, competitive pricing matrices and additional energy-related service offerings," said Stein.
"We continue to grow and diversify our customer base and scope of operations," Stein added. "Earlier this month, we announced a joint venture to enter the residential and small business market in Great Britain and now, through Mirabito Gas, we have expanded our foothold in commercial supply while further broadening our geographic footprint."