In a move to increase its regional footprint, HOP Energy, a prominent U.S. retail heating oil distributor, recently completed its acquisition of Kaufman Fuel Company that serves a large number of retail customers in Fairfield and lower New Haven counties in Connecticut. HOP Energy will operate Kaufman Fuel as a new “standalone” location from its office and garage facility in Bridgeport, Conn.
Kaufman Fuel has approximately ninety percent of its customers on automatic delivery, indicating a loyal and stable customer base, according to HOP Energy. This acquisition fills in the line of HOP Energy operations beginning in Boston and running down the Atlantic Coast through Delaware.
The acquisition of Kaufman Fuel represents a new market for HOP Energy and allows for future expansion in the Fairfield County market. Kaufman Fuel provides a prime and immediate opportunity to establish a significant presence in the area.
“We believe that this area is ideally suited to our value-added marketing approach as an automatic delivery, full service provider,” said Michael Anton, HOP Energy’s CEO. “Kaufman Fuel will provide us a platform from which to purchase several other high-quality oil dealers that could be readily folded into the Kaufman Fuel operations, as well as a platform from which to organically grow in the cities of Greenwich and Stamford, Conn.”
Ron Farrell, Kaufman Fuel’s president, added, “I am excited about the prospects of merging with HOP Energy, as their business approach is to provide the highest quality service to its customers. I am also looking forward to assisting HOP Energy with its growth strategy.”
Kaufman employees will continue to work from their current offices. Financial terms of the acquisition have not been disclosed.
Founded in 1995, HOP Energy provides retail, commercial and fleet-fueling distribution of heating oil and other petroleum products and related services in the northeast United States. The company services customers across New England and the East Coast.