Written on: September 15, 2021 by ICM
Penn Jersey Propane, a large, family-run, propane company in Hainesport, NJ, has been purchased by Kauffman Gas for an undisclosed sum. Penn Jersey Propane operates a bulk plant along with several bobtail trucks, used to service their large customer base in both New Jersey and Pennsylvania.
Cherry Hill, NJ-based Vantage Commercial helped with the deal. Ken Richardson, Executive Director at Vantage Commercial, worked with Bob Campbell, owner of Penn Jersey Propane, to source a buyer for the off-market asset. Ken and his team leveraged their network and secured an interested party within weeks of ownership deciding to sell the company.
“I appreciated Ken helping me sell my business and working through the normal deal dynamics along the way,” Campbell stated.
Chris Kauffman, President at Kauffman Gas, was the lead on the buyer’s side. Since 1943, Kauffman Gas has serviced residences and businesses in Southeastern Pennsylvania and Northern Delaware. Acquiring Penn Jersey Propane enabled Kauffman Gas to expand into the New Jersey market.
“It was a pleasure working with Ken and Bob throughout the process. Our companies were very well aligned, and the deal went smoothly,” Kauffman stated.
“Penn Jersey and Kauffman Gas are a natural fit. From the initial meeting, Bob and Chris talked about propane, and the deal developed from that point. I am pleased that I was able to meet the goals of both families in this transaction,” Richardson stated.