March 6, 2018
Highlights:
- 47th acquisition, adds 22,000 customers and 12 million gallons in a growing market.
- Combines two strong family brands on Long Island that have been committed to growth, service, and community.
- Retention of the Bay Gas employees adds 31 experienced and talented individuals to the Paraco team.
- The acquisition demonstrates Paraco’s commitment to further expanding its footprint in the Northeast.
Paraco today announced the acquisition of Bay Gas, located in Shirley, New York. A family-owned propane company and founded by Jack O’Loughlin in 1968, most recently operated by his son John O’Loughlin.
“This is our second acquisition of 2017 and we are honored to welcome Bay Gas to our family of acquired companies,” said Christina Armentano, V.P. of Business Development at Paraco. “The acquisition offers a unique opportunity to acquire a company known for its first class service, quality of employees and strong customer presence, especially in Suffolk County and on the east end of Long Island.”
Paraco has been servicing Long Island since 1985. With the acquisition, Paraco will increase its customer base on Long Island to 65,000 and will service all of Nassau and Suffolk Counties from 4 distribution locations in Bay Shore, Bohemia, Riverhead and now, Shirley.
John O’Loughlin: “We are very proud of the legacy my father and I created on Long Island. A family business in every sense of the word had given Bay Gas Service the opportunity to service 20,000 plus loyal customers and friends which I would like to express my extreme gratitude for.” John further stated “Having had a long standing relationship with the Armentano family, I can’t think of a better company to continue our efforts to service our customers and take care of employees.”
About the Company
Paraco is the largest privately held propane company in the Northeast headquartered in Rye Brook, NY. Family owned and operated, Paraco was founded in 1968 by Pat Armentano. Today, Paraco proudly services over 108,000 residential and commercial customers in NY, NJ, CT, PA, RI, MA, NH and VT out of 24 distribution locations.