Kansas City (Aug. 30, 2022) — Lettermen’s Energy Holdings (LEH) announced the acquisition of Victory Propane. Based in Northbrook, Illinois, Victory significantly expands LEH’s operational footprint in the cold-weather markets of Ohio, Indiana, Pennsylvania and Michigan.
Terms of the deal were not announced, though Victory’s principal executive leadership, Gregg Falberg, Eric Falberg and David Florsheim, will join LEH in advisory roles and assist the company with future strategic initiatives.
“Victory’s is a remarkable business and is further testament to our desire to grow by aggressively pursuing and acquiring well-run propane companies that fit our strategic model," said Lettermen’s CEO Steve Wambold. “Victory has a well-earned reputation for growth, safety and overall excellence. This is a great operational fit for us and we’re proud to welcome everyone at Victory to Lettermen’s.”
Victory's area of operation, which include its headquarters in Northbrook and field offices in Cleveland, Toledo and Dayton among others, provide an excellent complement to the LEH's Midwest presence and position the company well for further expansion.
“Lettermen’s approach toward owners, its emphasis on continuity for the entire Victory team, the value of the legacy of our brand, and its focus on our customer/employee relationships made us confident that this is truly the right fit for the entire Victory Propane family,” says Gregg Falberg, co-founder of Victory. “We know our people will be in good hands, and we look forward to helping Lettermen’s grow.”