SILER CITY, N.C. (June 16, 2022) — Sharp Energy Inc., a division of Chesapeake Utilities Corporation, has completed the acquisition of the Siler City, North Carolina, propane distribution business from Davenport Energy Inc. of Chatham, Virginia.
Sharp Energy is one of the largest propane gas companies in the Mid-Atlantic Region, supplying over 86,000 residential and commercial propane customers from service centers in Delaware, Florida, Maryland, Pennsylvania, North Carolina, South Carolina and Virginia.
“This acquisition provided a key puzzle piece in central North Carolina, enabling us to better serve existing customers in-and-around Siler City,” stated Thad Dixon, the company’s director of business development. “We look forward to integrating Davenport’s customers into our system and to a long term quality business relationship with each and every one of them.”
Davenport Energy has been distributing petroleum products throughout southern, southwest, and central Virginia and North Carolina for over 80 years. In addition to delivering propane, fuel oil, and other petroleum products to more than 30,000 customers, the company also supplies gasoline and diesel fuel to more than 200 convenience stores throughout the region. It is a licensed distributor for ExxonMobil, Marathon, BP, Citgo, and Gulf, and offers unbranded gasoline partnerships under the Spirit, Daytona, and Pure flags.
“Over the past few years, we have taken a more pragmatic view of our business, including our preferred geographic operational areas,” said Lewis Wall, the company’s CEO. “We found the Sharp Energy team to be extremely professional to deal with and we sincerely believe that our customers will be well-served by them into the future.”
PetroActive Real Estate Services, LLC provided exclusive advisory services to Davenport Energy for this transaction.
"This deal has to rank as one of the most seamless transactions we’ve ever been involved in, given the high level of M&A experience and professionalism possessed by both sides of this transaction” said Mark Radosevich, president of PetroActive Services. “Our goal is to consistently strive for a win-win outcome, and this deal neatly fits that bill. We are happy that we could help Davenport achieve a strategic business goal, while at the same time helping Sharp solidify their North Carolina geographic footprint.”