Lettermen’s Energy Holdings (LEH), one of the nation’s fastest-growing propane platforms, recently announced a series of retail asset acquisitions throughout the country. Those additions include: Scotty’s Propane in New Mexico; Mountain Country Propane in Missouri; Hub City Propane in Indiana; Central Propane in Alabama; and WIN Propane in Iowa.
The acquisitions complement the company’s existing operations while opening significant opportunity for organic growth in the regions they serve. In just over two years, Lettermen’s has expanded its footprint to include 16 brands operating in 18 states. Terms of the deals were not disclosed.
“From our first discussions as a leadership team, we’ve been focused on aggressively pursuing well-run businesses that fit our strategic model,” said Lettermen CEO Steve Wambold. “Individually, each of these brands fit that bill. Taken together, they are a significant step forward in our growth plans.”
These brands’ areas of operation deliver added muscle to the company’s holdings in the upper Midwest and desert Southwest, and extend Lettermen’s reach into the rapidly developing area around the Lake of the Ozarks in Missouri. Just as importantly, the addition of Central Propane establishes the company’s operations in the South, and positions Lettermen’s for continued expansion in the surrounding areas.
“These are empowering pieces for Lettermen’s as a growth platform,” continued Wambold. “Not only are the businesses already robust, but the teams that support those brands are seasoned and hungry to capture new business. They want to show what they’re capable of. They’re a perfect fit for Lettermen’s.”
