RICHMOND, VA / BALTIMORE, MD – September 23, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised EnergyUnited Electric Membership Corporation (“EMC”) on the sale of its wholly-owned propane distribution subsidiary, EnergyUnited Propane, LLC (“EUP”), to ThompsonGas, LLC (“ThompsonGas”). EUP is one of the largest propane retailers in its region, serving approximately 29,000 residential and commercial customers throughout 104 counties in North Carolina, South Carolina, and Virginia. EMC serves approximately 110,000 electric members in central and western North Carolina, making it the second largest supplier of residential electricity in North Carolina.

In 2000, EMC founded EnergyUnited Propane, LLC through the acquisition of All Star Gas’s North Carolina markets (Durham, Warrenton, Creedmoor, Carthage, Denver, Gastonia, and Hendersonville), as well as the development of greenfield sites in Lexington, Taylorsville, and Madison, North Carolina. EUP acquired the South Carolina markets of All Star Gas (Aiken and Barnwell) in 2001, and Albemarle Propane, based in Camden, NC in 2007. In 2013, EUP purchased Lake Norman Propane. Both EMC and EUP are headquartered in Statesville, North Carolina.

EMC made a strategic decision to focus efforts and redeploy capital into its core, electricity business and explored strategic alternatives to divest its propane distribution business, EUP. Post-closing, ThompsonGas and EMC will maintain a coordinated customer marketing effort within EMC’s electric footprint in central and western North Carolina.

Matrix provided merger and acquisition advisory services to EMC, which included valuation advisory, marketing EUP through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, Director; and Nathan Wah, Senior Analyst.

Wayne Wilkins, CEO of EMC, stated, “EUP has been a successful business venture for our membership thanks to the support of our members and the leadership of our incredible propane employees. We are very proud of the historic accomplishments that led to this moment and firmly believe that this agreement with ThompsonGas offers tremendous value for EnergyUnited members and EUP customers.”

Mr. Dooley added, “Matrix feels very privileged to have been chosen to advise EMC on the divestment of its propane distribution business unit. We wish Wayne and the rest of the EMC team all the best on the continued growth of their best-in-class electricity business.”

Roy McDonald of Brinkley Walser Stoner, PLLC, as well as Tammera Diehm, Noreen Sedgeman, and Kristy Lieblein of Winthrop & Weinstine, P.A. served as legal counsel for EMC and EUP.