Platform Capital, a Denver-based private investment firm, has officially entered the propane distribution industry by recently acquiring six independent propane marketers throughout Oklahoma.
The company has established a subsidiary of Platform Capital called Propane Fuel Distribution Holdings, which is focused on building and scaling a nationwide portfolio of consolidated independent propane marketers both large and small.
According to Jake Walker, Platform Capital partner, “Platform Fuels is committed to continuing the legacy, spirit and success of local propane business owners and operators.”
The recently acquired entities represent six brands, 12 locations, and over 8,000 current Oklahoma propane customers including residential, commercial, agricultural and industrial accounts statewide, instantly catapulting Platform Fuels to the 11th largest single state independent propane retailer in America.
By honoring history and respecting the local legacy of independent propane service owners and operators, Platform Fuels will continue the independent spirit that made each business so successful while focusing on the future to help expand and optimize each operationally. As such, each propane service locale will retain its name, current location and employees.
Platform Fuels prides itself on taking a personalized ‘jeans and boots’ approach with every business owner and each acquisition”, according to Walker. “We also work to standardize, support and improve services, increase current sales, and continue to provide exceptional customer service within these communities.”
“We know the decision to sell may not be easy, but we try to make the entire process simple and straightforward, with the owner’s value and vision at the forefront of the conversation”, adds Walker. ”Legacy means a lot to us too.”
From waste & recycling, to industrial & transportation, to energy and natural resources and beyond, Platform Capital “has built a reputation for bringing integrity, reliability and trustworthiness to our investment approach” according to Jake Walker.
“We have an experienced team that brings considerable operational turnaround expertise and a hands-on approach to every acquisition.”
The company’s recent entrance into the propane space comes as more consumers are buying propane for its ecological, economical, and efficiency traits, as well as more and more local, family-owned propane storage, service and distribution companies are seeking a mutually beneficial exit strategy.