Paraco Gas acquired Advantage Propane, based in Califon, N.J. The acquisition adds 1.2 million gallons to Paraco’s portfolio in a growing residential and commercial market, Paraco said in announcing the acquisition.
Founded in 2012 by Steven Congiusta and Douglas Tascarella, Advantage Propane sells and delivers propane to residential, commercial and agricultural customers in New Jersey and Pennsylvania from its Califon, N.J. facility, which includes a 30,000-gallon propane bulk plant. Tascarella will continue to lead Advantage Propane – A Paraco Company and Advantage employees will become part of the Paraco team. Congiusta will be retiring after a long, successful career.
“Steve and Doug’s tremendous industry experience and local relationships helped them build Advantage Propane into the thriving business it is today,” Christina Armentano, executive vice president, Paraco Gas, said in a Dec. 15 statement. “This acquisition is a major opportunity to expand our presence in New Jersey and Pennsylvania, and demonstrates Paraco’s commitment to further expanding its footprint in the Northeast/Southeast.”
Cetane Associates, provider of financial advisory services to business owners in retail energy distribution, served as the sole arranger and financial advisor to Advantage Propane. The transaction was completed on Dec. 4.
Advantage Propane is Paraco’s second acquisition in 2020. In October, Paraco acquired F M Popovich & Sons, Ashland, Massachusetts. Paraco (www.paracogas.com) is a privately held propane company headquartered in Rye Brook, N.Y., has 27 distribution locations and serves more than 120,000 residential and commercial customers in New York, New Jersey, Connecticut, Pennsylvania, Rhode Island, Massachusetts, New Hampshire and Vermont.