TAMPA, Fla., Nov. 6, 2001 — TECO Energy’s energy services subsidiary, TECO Solutions, today announced that it has acquired Prior Energy Corporation from Prior Chemical, a subsidiary of ICC Industries.
Terms of the transaction were not disclosed. The acquisition is expected to be neutral to earnings in 2001 and slightly accretive in 2002.
Prior Energy is one of the natural gas marketing companies in North America, serving customers in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
Established in 1987, Prior Energy handles all facets of natural gas energy management services, including natural gas supply management, transportation management, asset management and consulting services. The company has an established market base in the Southeast and one of the top customer service reputations in the region.
TECO Solutions President Bill Cantrell said, “We’re excited about the opportunities this acquisition affords TECO Solutions and its portfolio of diversified businesses. This will enable us to bring our companies’ complementary services to a growing client base throughout nine states.”
Cantrell added that the expertise and industry reputation of the existing Prior Energy management team are an important part of the acquisition.
“We consider the employees of Prior Energy to be among the best in the business, and we look forward to having them join our team,” said Cantrell.
Prior Energy President Fred Roe; Vice President of Transportation and Finance Danny Chance; Vice President of Marketing Chris Jones; and Vice President of Gas Supply John Allison are committed to remaining with the company as a subsidiary of TECO Solutions.
Prior Energy President Fred Roe said, “We look forward to taking the company to even higher levels of achievement as part of the TECO Energy family of businesses.”
TECO Solutions is an unregulated subsidiary of TECO Energy Inc., a diversified, energy-related holding company headquartered in Tampa. Other TECO Energy businesses include Tampa Electric, Peoples Gas System, TECO Power Services, TECO Transport, TECO Coal and TECO Coalbed Methane.
For more information visit online: www.tecosolutions.com and www.tecoenergy.com.