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.
