Paraco Gas Corp., Rye Brook, N.Y., announced that it acquired Island Propane, based in Ronkonkoma, N.Y.
The acquisition adds Island Propane’s nearly 5,800 customers and 2.2 million gallons in the Long Island counties of Nassau and Suffolk counties to Paraco Gas, the company said in a May 1 announcement. The amount of the transaction was not disclosed. Paraco is committed to expanding its footprint in the Northeast and specifically in Long Island, N.Y., the company said.
Paraco, a family owned and operated company, is among the largest propane retailers in the United States. The privately held company serves Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont from 21 distribution locations.
Through the acquisition, Paraco said, it gains a strong, customer-focused service and delivery business that complements and extends the existing Paraco footprint on Long Island. Paraco Gas has been serving Long Island since 1985 and provides propane to residential and commercial customers throughout Long Island from three locations in Bay Shore, Bohemia and Riverhead.
“The addition of Island Propane further demonstrates our commitment to the communities in these areas as well as the employees who will service these accounts as we move forward,” said Joseph Armentano, CEO of Paraco Gas.
Paraco Gas also announced that the founders of Island Propane, Guy and Ariana Lucchese, will become part of the Paraco team going forward. They owned the business for over 20 years.
Both Island and Paraco customers will be served through a joint workforce located in Bohemia, Bay Shore and Riverhead.