UGI Corporation announced today that it has acquired Dutch energy marketer DVEP Investeringen B.V. (“DVEP”). DVEP markets natural gas and electricity, produced mainly from renewable sources, primarily to small and medium enterprises in the Netherlands. One of DVEP’s core businesses is the provision of fee-based services to other energy marketers in the Netherlands. DVEP has a 15-year history of providing end-to-end marketing solutions to the 5th largest energy market in Europe, a strong track-record of growth and profitability, and will be $0.02 accretive to UGI’s earnings in fiscal year 2018. In 2016, the company sold approximately 5.3 billion cubic feet of natural gas and 2.7 terawatt hours of electricity.
John Walsh, president and chief executive officer of UGI Corporation, commented, “We are pleased to close this important acquisition and expand our existing energy marketing business in Europe. We’re also excited about the potential to build on DVEP’s strong platform of service capabilities, which provides them with a foundation of fee-based service income. DVEP is a high performing company with an impressive track record of growth and provides UGI access to a premier European market and a platform for further expansion. The acquisition is an example of how UGI will continue to push the boundaries of its existing businesses, leverage areas of UGI’s experience, and grow in highly attractive and profitable markets.”
Source: UGI Corporation
Date: Sep 5, 2017