February 4, 2010 | Dover, DE – Sharp Energy, Inc., a subsidiary of Chesapeake Utilities Corporation, announced today its purchase of the operating assets of Virginia LP Gas, Inc., a propane distributor serving Northampton and Accomack Counties in Virginia. The transaction is part of Sharp Energy’s overall strategy to acquire complementary retail operations that will increase the value of the overall Sharp Energy operations.
Locally owned and operated since 1976, Sharp Energy has enjoyed a long-standing relationship with the former owners, Joseph and Carolyn Harrison. Over the last 10 years, Sharp Energy has sold 2.8 million gallons of propane to Virginia LP on a wholesale basis. In addition, The Harrisons’ son, Joseph Harrison, Jr., who served as operations manager, will stay on in a consulting role to assist in the transition.
“Virginia LP has had a solid relationship with Sharp for many years,” said Joseph Cummiskey, Vice President of Chesapeake Utilities Corporation. “The Harrisons are well-respected in the local community and their company has a strong safety record and solid reputation in the area. We are fortunate that they approached us when deciding to retire from the business they have built over the last 30 years.”
Headquartered in Exmore, VA, Virginia LP distributes propane to approximately 1,000 retail customers within 30 miles of Belle Haven, VA. “Their operations will greatly complement our Belle Haven District and further enhance our current storage advantage in the region,” added Cummiskey.
Based in Salisbury, Maryland, Sharp Energy is Chesapeake Utilities Corporation’s propane distribution subsidiary. Sharp Energy distributes propane to approximately 33,000 residential, commercial and industrial customers on the Delmarva Peninsula and in Pennsylvania. To learn more about Sharp Energy and their many customer programs, visit www.sharpenergy.com or call 1-888-SHARP40.
Chesapeake Utilities Corporation (NYSE: CPK) is a diversified utility company engaged in natural gas distribution, transmission and marketing; electric distribution; propane distribution and wholesale marketing; advanced information services and other related businesses. Information about Chesapeake Utilities Corporation and the Chesapeake family of businesses is available at www.chpk.com.
FOR MORE INFORMATION:
Contact: Sydney Davis, Communications Manager
Chesapeake Utilities Corporation
909 Silver Lake, DE 19904
302.736.7828 /[email protected]