Crius Energy Trust has agreed to purchase U.S. Gas & Electric Inc. for $152.5 million, plus about $20 million in working capital, subject to customary post-closing adjustments, for a total of approximately $172.5 million.
Crius, based in Norwalk, said it expects the deal to close in the third quarter. If approved, the acquisition will net Crius approximately 375,000 residential customer equivalents in 11 states – Connecticut, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio and Pennsylvania – and the District of Columbia, for a total of nearly 1.4 million customers, a 37 percent increase to Crius’ customer portfolio on a pro forma basis as of March 31.
The deal would also increase the proportion of natural gas customers in Crius’ total customer portfolio from 6 percent to 14 percent and add Michigan and Kentucky to its natural gas market.
Founded in 2002 and based in Miramar, Florida, U.S. Gas & Electric maintains offices and personnel around the country. The energy company has been featured on Inc. magazine’s list of the nation’s fastest-growing private companies.
U.S. Gas & Electric is the largest portfolio holding of MVC Capital Inc., a business development and debt and equity investment company headquartered in Purchase.