Incline Equity Partners Acquires Griffith Energy

Griffith Energy a combined marketers of propane, heating oil, and power fuels in western and central New York. Based in Rochester, NY, Griffith distributes energy to more than 90,000 residential customers and more than 8,000 wholesale, commercial, and gasoline customers. Griffith also distributes gasoline, diesel fuel and kerosene to commercial customers such as farmers, trucking and construction companies, and to branded gasoline dealers such as Mobil, Sunoco, and Citgo. In November 2003, PNC Equity Partners worked exclusively with the management team of Griffith to buy the company from Energy East Corporation. PNC Equity Partners conducted the due diligence process, structured the financing, and negotiated the acquisition, investing $17.4 million in the form of preferred and common stock. In addition, PNC Equity Partners partnered with the former owner of Griffith who, along with management, made a significant capital contribution. PNC Equity Partners arranged the senior and subordinated financing with Merrill Lynch leading the senior debt syndicate and Allied Capital providing subordinated debt to complete the transaction. Since PNC Equity Partners' initial investment, the company has completed four acquisitions and refinanced its senior and subordinated debt.