Market Overview

Chesapeake Utilities Acquires Operating Assets of Austin Cox Home Services

Chesapeake Utilities Corporation (NYSE: CPK) ("Chesapeake") announced today that it has acquired the operating assets of Austin Cox Home Services, Inc. ("Austin Cox"). Based in Salisbury, Maryland, Austin Cox provides HVAC, plumbing and electrical services to residential and commercial customers throughout the lower Delmarva Peninsula. The Company will retain its name and office location in Salisbury, Maryland and Austin "Skip" Cox, Jr. will be President of Chesapeake's newest subsidiary.

Chesapeake currently provides natural gas distribution and propane distribution service to approximately 103,800 customers on the Delmarva Peninsula.  The acquisition of the Austin Cox assets will enable Chesapeake to provide a broader range of services to customers on the Peninsula.  In addition to HVAC, plumbing and electrical services, Austin Cox can perform in-home conversions for those customers who choose to convert from alternative fuels to natural gas. 

On May 31, 2013, Chesapeake's subsidiary, Sandpiper Energy, acquired the operating assets of Eastern Shore Gas Company ("ESG"), enabling the Company to significantly expand its footprint in Worcester County.  Over the next few months, Sandpiper Energy will evaluate the potential conversion of the ESG facilities from propane to natural gas and will proceed with conversions where economically

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Posted-In: News Guidance Contracts Management M&A Global

 

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