Business Services Industry
United Fuel & Energy Corp. to buy OKC-based Propane Direct assets
Journal Record, The (Oklahoma City), Jun 5, 2007
United Fuel & Energy Corp. of Midland, Texas, has a definitive agreement to buy substantially all of the assets and operations of Propane Direct LLC of Oklahoma City.
United Fuel is a distributor of gasoline, diesel, propane and lubricant products rural markets in the southwestern and south central U.S. Propane Direct distributes propane to 6,000 wholesale and retail customers in Texas, New Mexico, Oklahoma, Kansas and Colorado. Propane Direct sold 10.5 million gallons of propane in 2006.
Propane Direct's assets include 14 vehicles. The purchased is expected to be completed in 30 to 45 days.
"This acquisition significantly expands the geographic footprint of our propane division and positions us to develop a much more strategic approach to this attractive business," said Chuck McArthur, United Fuel president and CEO.
Max Hardy and Brock Hardy, founders of Propane Direct, will join United Fuel & Energy.
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