Delos Capital has acquired White Plains, New York-based HOP Energy LLC, a specialty distributor of heating oil, propane and other petroleum products and related services to homeowners and small businesses in the Mid-Atlantic and Northeast regions. No financial terms were disclosed.
NEW YORK–(BUSINESS WIRE)–Delos Capital (“Delos”), a private equity firm based in New York, announced the acquisition of HOP Energy, LLC (“HOP” or the “Company”), based in White Plains, New York.
HOP is the largest privately-owned specialty distributor of heating oil, propane and other petroleum products and related services to homeowners and small businesses in the Mid-Atlantic and Northeast regions of the United States. The Company serves a diverse customer base of residential, commercial and light industrial customers, and has a network of 12 strategically located bulk plants providing the Company with roughly 8.4 million gallons of storage capacity. The Company also provides comprehensive HVAC installation and related services.
Delos partnered with ShoreVest Capital (“ShoreVest”), an operationally focused investment firm, comprised of operators who have worked closely in this industry for over a decade.
“We are excited to partner with such an exceptional management team and ShoreVest to continue growing the platform, both organically and through acquisitions”, said Will DeBruyn, Partner at Delos Capital.
Steve Zambito, a former Chairman of the Board of HOP and founding co-partner of ShoreVest added, “I am looking forward to continuing my involvement with HOP. I am confident that with Delos Capital as our partner the Company is now poised to further expand the existing platform.”
Michael Anton, HOP’s Chief Executive Officer since 2004, stated, “HOP’s management team and I are very excited about the opportunity to partner with both Delos and ShoreVest, enabling us to continue to achieve significant growth through strategic acquisitions.”
About Delos Capital
Delos Capital, founded in 2013, is a lower middle market private equity firm specializing in management buyouts, recapitalizations, and growth investments.
About ShoreVest Capital
ShoreVest Capital is an operationally focused investment firm that actively partners with management teams to help companies succeed through operational improvements and acquisitions.