National Gas & Electric (NG&E), an affiliate of retailer Spark Energy, has entered into agreements for the purchase of a Northeast retail customer base from an undisclosed seller operating in over 20 gas and power markets, the company announced on November 24.
“We are excited with our purchase of the Northeast customer base,” commented NG&E CEO W. Keith Maxwell III, adding, “We have a strong working relationship with this seller and are confident that they will continue to be successful in their growth strategy. This type of parent-level acquisition is a second for our family of retail companies, and we believe there are many similar acquisitions to be executed on in the space.”
NG&E is wholly owned by W. Keith Maxwell III, who also is the founder and chairman of Houston-based electricity and natural gas retailer Spark Energy, which already operates in 16 states. NG&E said it is working alongside Spark to develop a strategy that maximizes Spark’s ability to aggressively pursue additional growth.