M&A Deal Summary

Star Group Acquires ProvEnergy Oil

On August 24, 2001, Star Group acquired utilities company ProvEnergy Oil from Southern Union

Acquisition Highlights
  • This is Star Group’s 4th transaction in the Utilities sector.
  • This is Star Group’s 4th transaction in the United States.
  • This is Star Group’s 1st transaction in Rhode Island.

M&A Deal Summary
Date 2001-08-24
Target ProvEnergy Oil
Sector Utilities
Buyer(s) Star Group
Sellers(s) Southern Union
Deal Type Divestiture

Target

ProvEnergy Oil

Warwick, Rhode Island, United States
ProvEnergy Oil Co. serves approximately 15,000 customers, with annual home heating oil volume of approximately 12 million gallons.

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Buyer(S) 1

Buyer

Star Group

Stamford, Connecticut, United States
Category Company
Founded 1995
Sector Energy Services and Equipment
Employees3,052
Revenue 2.0B USD (2023)
DESCRIPTION

Star Group is a full service energy provider specializing in the sale of home heating products and services to residential and commercial customers. Star sells diesel fuel, gasoline and home heating oil on a delivery-only basis. Star Group was founded in 1995 and is based in Stamford, Connecticut.

DEAL STATS #
Overall 4 of 7
Sector (Utilities) 4 of 6
Type (Divestiture) 1 of 3
State (Rhode Island) 1 of 2
Country (United States) 4 of 7
Year (2001) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-08-01 Meenan Oil

Wantagh, New York, United States

Meenan Oil Co. Inc. the third largest retail home heating oil company in the country. The company offers home security system, tank analysis, heating and cooling services, brand-name equipment, and home security monitoring services.

Buy $120M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-09-28 Valley Propane

Providence, Rhode Island, United States

Valley Propane, Inc. is a natural gas utility based in Providence, RI, serves approximately 2,800 customers, with annual propane volume of approximately 2.0 million gallons

Buy -

Seller(S) 1

SELLER

Southern Union

Houston, Texas, United States
Category Company
Founded 1932
Sector Oil/Gas Exploration
Employees2,256
DESCRIPTION

Southern Union Co. engages in the gathering, processing, transportation, storage, and distribution of natural gas in the United States.

DEAL STATS #
Overall 1 of 4
Sector (Utilities) 1 of 4
Type (Divestiture) 1 of 4
State (Rhode Island) 1 of 2
Country (United States) 1 of 4
Year (2001) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-09-28 Valley Propane

Providence, Rhode Island, United States

Valley Propane, Inc. is a natural gas utility based in Providence, RI, serves approximately 2,800 customers, with annual propane volume of approximately 2.0 million gallons

Sell -
Mergr

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