Stamford-based Star Group acquires Maryland business
Home-energy firm moves to expand in mid-Atlantic area
STAMFORD — Homeenergy firm Star Group announced this week the acquisition of a Maryland business, a move that would expand its customer base in the mid-Atlantic area.
Star did not disclose the name of the acquired business or the purchase price. It said the acquired firm serves about 28,800 accounts, with annual heating oil, propane and motor fuel value of about 20 million gallons.
Star, whose CEO died unexpectedly last December , has undergone a number of executive changes in the past five months.
Jeffrey Woosnam, who has worked at Star since 1994, took over in March as CEO and president, having served since 2014 as senior vice president of southern operations. He was also appointed to the board of Kestrel Heat, Star’s general partner.
Dan Donovan, who was interim CEO, stepped down from active management. He remains a Kestrel board member.
At the same time, two 16-year company executives, Jeffrey Hammond and Joseph McDonald, respectively, became chief operating officer and chief customer officer.
Richard Ambury continues as executive vice president, chief financial officer and treasurer.
In the past quarter, Star’s revenues totaled about $700 million, a 2 percent yearover-year increase mainly due to higher wholesale per-gallon product costs.
Profits increased 32 percent, to about $72 million, reflecting a $25 million accounting-related gain.
Star describes itself as the nation’s largest retail distributor of home heating oil based on sales, focusing on the country’s northeast, central and southeast regions.
The company is headquartered at 9 W. Broad St., on the edge of downtown Stamford.