Crius Names EVP To Lead Texas Operations in Closing TriEagle Acquisition
April 03,2015
Crius Energy, LLC has successfully acquired all outstanding equity interests in TriEagle Energy LP for a preliminary purchase price of approximately US$19.1 million.
Following the closing of the TriEagle Energy acquisition, Crius Energy is now serving roughly 200,000 additional customers in Texas, Pennsylvania and New Jersey through its newest energy brand.
Crius said that the TriEagle acquisition creates a robust growth platform in Texas for other Crius Energy brands, including Viridian Energy.
Rob Cantrell, formerly President and Chief Operating Officer for TriEagle Energy, has been appointed as Executive Vice President of Crius Energy. Mr. Cantrell will lead operations in Texas and oversee the team that grew TriEagle Energy for more than 10 years, and maintained an "A" rating with the Better Business Bureau.
"With just one product and a three-state focus, TriEagle Energy has established a strong market presence as well as a network of more than 300 active commercial broker relationships," said Michael Fallquist, Chief Executive Officer of the Trust and Crius Energy. "We are pleased to welcome this well-respected leader to the Crius Energy family of brands and look forward to applying our combined expertise across Crius Energy's full product suite and broad national service area."
Funded by cash and availability under Crius Energy's credit facility, the TriEagle Energy purchase price included US$15.9 million in cash and US$3.2 million in phantom unit rights, which are to be settled in cash based on future trading prices of Crius Energy Trust units on the Toronto Stock Exchange on the first and second anniversary date of the closing. Consistent with the Trust's strategy to act only upon acquisition opportunities that are near-term accretive, Crius Energy expects the acquisition of TriEagle Energy to provide revenue and operational synergies and be accretive to distributable cash flow per unit in the next 12 months.