MAKEEN Energy Acquires Gas Equipment Co.

Kosan Crisplant (Denmark), the daughter company of MAKEEN Energy, signed an agreement on March 6 to acquire Gas Equipment Co. (GEC; Dallas). Details of the transaction were not revealed, but closing is expected before the end of March. The acquisition is set to strengthen the global business and network of the group’s trading division, KC ProSupply.

GEC will be part of the international, Denmark-based company MAKEEN Energy, and the latest branch of its trading division. KC ProSupply supplies gas components and other commodities as well and service and consultancy for the gas industry worldwide.

The acquisition of GEC adds extra volume and new business areas to KC ProSupply. Building on its physical locations and its relations to the market, the GEC business can be further strengthened by developing the service area and offering added value to U.S. customers, from purchase, consultancy, and delivery to installation and on-site services.

GEC and KC ProSupply can achieve substantial synergies in relation to the key suppliers, both in terms of higher volume as well as easier daily access to the U.S.-based suppliers for the European branches of KC ProSupply.

Skeeter LaDue, GEC’s previous owner, will continue to lead GEC under the new ownership. He commented, “Joining forces with people as passionate about energy industry success as us is what takes us into the next chapter of our storybook.” The LaDue family established the firm in 1937, and has offices in the central, southern, and eastern regions of the U.S.

Anders C. Anderson, CEO of MAKEEN Energy, added, “The trading activities in KC ProSupply are a strategic focus area for which we have ambitious goals, and with the acquisition of GEC, which is the largest acquisition to date, our trading division will assume a size justifying merging the activities in one powerful unit. The unit will consist of 180 employees and have a yearly turnover of approximately $85 million (U.S.).“

SOURCE: The Weekly Propane Newsletter, March 12, 2020. Subscribe to receive all the latest posted and spot prices from all major terminals and refineries around the U.S., featuring a center spread of posted prices that includes hundreds of postings completely updated each week, market analysis, insightful commentary and more.