Energy Distribution Partners, a privately-held propane and light fuels distributor backed by Pritzker Private Capital, is exploring a sale that could value the company at more than $1 billion, according to people familiar with the matter. Talks are ongoing, and no final decision has been made, the people said, asking not to be identified because the deliberations are private.
A small club of lenders is considering a private-credit staple financing for the deal, though some prospective buyers may still turn to the syndicated market, the people said. A representative for Pritzker Private Capital declined to comment. A representative for Energy Distribution Partners did not respond to a request for comment.
Pritzker Private Capital is backed by the Chicago-based Pritzker family, whose fortunes include the Hyatt Hotels empire. The firm invested in EDP through a 2020 recapitalization alongside Duchossois Capital Management and existing investor Concentric Equity Partners. Stifel served as financial advisor.
Since then, EDP has grown through numerous acquisitions in the propane sector, with its latest disclosed being Hocon Gas, a Connecticut-based provider of propane, fuel oil, and related services, according to a press release in February.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing