Energy Acquisitions in Florida

Soundcore Capital Partners has formed Reliable Energy Partners, a propane distribution growth platform, through its acquisition of Florida Lift Gas and has named industry veteran Sean Daugherty as CEO. The platform — headquartered in Tampa, Florida and wholly owned by Soundcore — will pursue organic growth and strategic add-on acquisitions to scale a multi-regional residential and commercial propane distribution business.

Madison Energy Infrastructure completed the acquisition of NextEra Energy Resources' distributed generation development platform, including operating solar and energy storage assets, a development pipeline and customers across 25 states. The deal brings Madison's ecosystem to nearly 1 GW of operating clean energy infrastructure and expands its commercial and community customer footprint while leveraging recent financing and support from EQT and other capital partners.

Eazy Grease has acquired DHT Grease Solutions, a locally owned used cooking oil (UCO) recycler serving the Tallahassee area since 2014. The purchase — Eazy Grease's fourth in two years — expands the buyer's UCO collection footprint in North Florida/South Georgia and transfers DHT's facility and customer relationships to Eazy Grease to boost collection volume and service continuity.

Palmdale Propane, a subsidiary of Palmdale Oil, has acquired Gatorgas LP, a family-owned propane distributor serving North Central Florida and the Gulf Coast. The acquisition expands Palmdale's geographic footprint and distribution capabilities in Central Florida; financial terms were not disclosed.

Walker Reid Strategies and Blue Energy Group have completed a merger to form Walker Blue, LLC, a national energy tax incentive and engineering firm that combines 179D/45L tax certification, ITC services, prevailing wage/domestic content compliance, and energy engineering. The new firm is led by CEO Josh Howes and CSO David Diaz and will serve CPAs, ESCOs, developers, building owners, architects and related clients nationwide.

Palmdale Oil, a family-owned fuel and lubricants distributor headquartered in Palm Beach Gardens, Florida, has acquired Combs Oil Company, a Naples-based distributor of diesel, gasoline, lubricants and related products. The acquisition expands Palmdale's geographic footprint and bulk plant storage infrastructure in Southwest Florida; financial terms were not disclosed.

Pennybacker Capital Management has completed the acquisition of the Miami LNG business from New Fortress Energy. The small-scale liquefaction and distribution operation (producing ~8,300 MMBtu/day) will be led by newly appointed President & CCO Daniel McLaughlin and will focus on serving customers across Florida and the Caribbean.

MPE Partners, alongside its portfolio company Precision Pipeline, has acquired SabCon Underground, a Winter Haven, Florida-based provider of underground natural gas utility services. The add-on deal expands Precision’s geographic footprint and capabilities in the natural gas utility services market; financing was provided by PGIM Private Capital and SabCon’s founder Kellie Burns and management partnered in the transaction.

Qualus Corporation acquired Ferreira Power Group to expand its distribution engineering, grid hardening, and program management capabilities in support of grid modernization, reliability, and resiliency. The deal brings FPG's engineering resources and leadership into Qualus and is intended to expand Qualus' client base and geographic coverage while retaining FPG's leadership team.

Seaside LNG has purchased the liquefied natural gas bunker barge Clean Jacksonville from TOTE Maritime Puerto Rico, LLC. The acquisition expands Seaside's LNG bunkering fleet and geographic reach, with Polaris New Energy contracted to continue technical management and bunkering services for TOTE and other commercial customers.

Global Infrastructure Partners (GIP) has completed the acquisition of Atlas Renewable Energy from Actis. Atlas is a leading Latin American renewables developer with 14 fully contracted solar assets (2.3 GW) across Brazil, Chile, Mexico and Uruguay; GIP said the deal expands its renewables platform and regional presence.

Antin Infrastructure Partners has agreed to acquire a majority stake in Origis Energy from CEO Guy Vanderhaegen and Global Atlantic Financial Group. The investment, executed through Antin's Fund IV, will provide capital to scale Origis's utility-scale solar and storage development, expand operations and maintenance services, and support growth of its contracted pipeline.

Gainline Capital Partners has made a growth investment in Atlantic Energy, a Deerfield Beach, Florida-based electricity and natural gas retailer that bundles value-added, tech-enabled products to help customers reduce consumption. The financing provides Atlantic with its first institutional capital to accelerate growth; industry veteran Deryl Brown joined as Executive Chairman as part of the transaction.

Chart Industries completed a $25 million minority investment to acquire a 5% equity stake in Transform Materials and signed a commercial Memorandum of Understanding to supply equipment for Transform projects. The investment gives Chart access to Transform's microwave-plasma process for producing hydrogen and acetylene, expanding Chart's clean-hydrogen equipment and service offerings and supporting planned plant builds in North America and Europe.

Gibraltar Industries (Nasdaq: ROCK) acquired TerraSmart, a provider of screw-based ground-mount solar racking, for $220.0 million (approximately $228.2 million including working capital adjustments) and acquired Sunfig, a solar project design and modeling software provider, for $3.75 million in cash. The deals expand Gibraltar's renewable energy platform and capabilities across ground-mount racking, tracker systems, and solar project design/financial modeling to grow its solar energy business.

Gas South agreed to acquire Florida-based Infinite Energy, acquiring its wholesale and retail natural gas business and customer list (the companies said the deal would close by end of 2020 subject to regulatory approvals). The transaction will more than double Gas South's annual revenue to about $1 billion and expand its customer base across the Southeast; Infinite Energy's Texas retail electricity business is excluded from the sale.

JOX Energy LLC acquired EnergyWare LLC in a strategic acquisition announced Sept. 25, 2020. The deal brings EnergyWare's national energy-efficiency capabilities (including solar and HVAC project design, financing and implementation) under JOX Energy to expand service offerings and support customer growth.

Albireo Energy, the building automation and energy services platform backed by Huron Capital, has acquired Quality Building Controls (QBC), a Tampa-based provider of building automation systems and repair and maintenance services. The deal is an add-on to Albireo's platform that expands the company's presence in the Southeast, adds recurring service revenue, and retains QBC's management with founder Jerry Dohse remaining in a business development role.