Genie Energy’s subsidiary acquires Mirabito Natural Gas in US
Genie Energy’s Genie Retail Energy (GRE) division has acquired US-based Mirabito Natural Gas from Angus Energy.
The $3m acquisition of Mirabito is expected to bring commercial supply management expertise to Genie Energy, while improving its position in commercial supply and expanding its geographic footprint.
In collaboration with Mirabito’s management, Genie aims to pursue additional growth opportunities in Florida.
In addition to around 10,000 residential customer equivalents (RCEs), Mirabito Gas serves commercial and governmental customers throughout Florida.
Mirabito Natural Gas CEO Philip Baratz said: “Over the years, we have expanded Mirabito Gas throughout Florida by providing value and outstanding service to our customers.
"We welcome this partnership with Genie Energy to further strengthen our offerings and accelerate our growth while maintaining our customer-centric focus."
Following the acquisition, Genie's retail energy supplier brands will expand their footprint to 12 states.
Earlier this month, Genie formed a joint venture to enter the residential and small business market in Great Britain.
Genie Energy operates under two divisions, GRE and Genie Oil and Gas (GOGAS).
In addition to brokerage and marketing services, GRE operates retail energy providers, who supply natural gas to residential and commercial customers in deregulated markets in the US.
GOGAS operates as a global oil and gas exploration company, with an exploration programme in Northern Israel.