American Power Partners recently announced it has acquired the equity of retail energy provider U.S. Energy Partners LLC, which supplies customers in New York and Pennsylvania with electricity at comparable prices to area utilities, Buffalo Business First reports.
According to the news source, per the terms of the acquisition, U.S. Energy Partners is now a wholly-owned subsidiary of American Power Partners. Together, the two companies have annual revenues of more than $50 million with more than 10,000 customers, a number of which are in residential areas.
The takeover will also give residents in three states the option to receive power from various sources, including cleaner renewables such as wind, biomass and hydroelectric power. U.S. energy was first started by American Power Partners president Robert Kreppel in 2003, and seven years later it was sold to PAETEC Corp.
According to the Buffalo News, about 60 percent of U.S. Energy's customer base is residential. The deal will double the size of American Power Partners, which currently has only nine employees in Buffalo and one in Rochester.
"It makes us more of a regional player than a local player," Kreppel said. "It gives us strong market penetration in Maryland and New York and a small but growing penetration in Pennsylvania."