BRUNSWICK — Downeast Energy, a business that started in Brunswick as Brunswick Coal more than 100 years ago, is set for a sale to the Oklahoma-based energy conglomerate, NGL Energy Partners LP.
Downeast currently serves more than 50,000 customers in Maine and New Hampshire.
According to an announcement from the company today, Downeast and NGL recently signed an agreement on a deal expected to close in April or May.
The company has been owned by the Morrell family since 1931, when Allen Morrell purchased “Brunswick Coal” — founded in 1908 — and renamed the company “Brunswick Coal & Lumber.”
In a statement from the Morrell family on the company’s Facebook page, the Morrells said the decision to sell the business was made “with mixed emotions.”
Except for 82-year-old Dick Morrell, all other members of the Morrell family will not be directly involved with the business.
“With the exception of members of our family, all employees will be retained,” the Morrells’ statement said. “John Peters, our president for many years, will remain to lead the troops. You’ll also still be able to find Dick Morrell in the office he has occupied for more than 60 years at 18 Spring St. in Brunswick.”
The family will remain indirectly involved with the business, according to the statement.
“While the family will no longer be active in day-to-day operations, we will still be involved indirectly in the business and will, of course, continue to live and participate in the community as we do now.”
The company does not plan to move its current offices or services, according to the statement
For customers, the Morrells said the deal will provide the company with “access to more reliable fuel supplies.”
The Morrells’ statement also said that, as part of the deal, a new supply terminal will open in Portland.
“Our customers and employees deserve the right guardian and we believe we have made a great choice for everyone,” the statement said. “In fact, Mike Krimbill, NGL’s chief executive is the son of a Maine girl and spent his childhood summers in Maine.”
The Downeast Energy sale is the latest move by NGL to acquire energy companies throughout the Northeast. In October 2011, the company purchased Osterman Propane, which serves customers in Massachusetts, Connecticut, Rhode Island, New Hampshire and Vermont.
dfishell@timesrecord.com
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