Woodside, N.Y., October 16th, 2018 – Marathon Energy announced today that it has purchased certain energy customer contracts from BlueRock Energy Inc. (“BlueRock”) of Syracuse, New York.
The purchased book of customers includes all utilities served by BlueRock in New York, and one utility in each of New Jersey and Pennsylvania.
In conjunction with the purchase, Marathon’s President Jerry Drenis issued the following statement: “The purchase of BlueRock’s book was timed perfectly to coincide with Marathon’s expansion into additional utility markets this year and enables us to quickly reach volumetric economies of scale. We were attracted to this opportunity because we have the greatest respect for BlueRock and its team, the target market it serves, and our shared values of high levels of customer service and industry leading low churn levels. We expect the transaction to be accretive to earnings.”
Terms of the transaction were not disclosed.
About Marathon Energy
Marathon was founded in 1996 and is headquartered in Woodside, NY. Marathon provides wholesale and retail fuel oil, motor fuels, gasoline, natural gas, electricity and a full suite of energy services to commercial and residential customers. The Company currently serves 33 utilities in New York, New Jersey, Pennsylvania, and Maryland with 5 additional utilities opening soon in Massachusetts. Energy services include boiler maintenance and repairs, oil-to-gas conversions, power storage and demand response solutions, energy efficiency audits, and benchmarking. The Marathon family of companies includes Marathon Energy Corporation, Marathon Mechanical LLC, and Marathon Power LLC. Marathon Power was recently ranked 147th in the Inc500 and 8th in the CrainsNY Fast50.
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