Genie Energy Ltd. announced Monday that its Genie Retail Energy division has acquired Mirabito Natural Gas from Angus Energy for $3 million, plus Mirabito’s working capital.
Genie Energy is a Newark-based retail energy, global oil and gas company.
Mirabito Natural Gas is a Fort Lauderdale, Florida-based natural gas supplier.
"Mirabito Gas has built a successful business by reducing energy costs and mitigating risk for its commercial customers in Florida. Its management team has demonstrated the ability to sustain profitability in a range of market conditions and brings considerable commercial supply management expertise to Genie Energy. We look forward to partnering with them to pursue additional opportunities in Florida," said Michael Stein, chief operating officer of Genie Energy.
Morabito supplies gas to approximately 10,000 residential customers throughout Florida.
"Over the years, we have expanded Mirabito Gas throughout Florida by providing value and outstanding service to our customers," said Philip Baratz, Mirabito Gas' CEO. "We welcome this partnership with Genie Energy to further strengthen our offerings and accelerate our growth while maintaining our customer-centric focus."
With this acquisition, Genie’s retail energy supplier brand now has offerings in 12 states.
"Our commercial energy brokers and their customers can particularly benefit from Genie's established back-office systems and support, transparent processes, competitive pricing matrices and additional energy-related service offerings," Stein said.
"We continue to grow and diversify our customer base and scope of operations," Stein said. "Earlier this month, we announced a joint venture to enter the residential and small business market in Great Britain and now, through Mirabito Gas, we have expanded our foothold in commercial supply while further broadening our geographic footprint."