March 19, 2018
May 1, 2017
Rye Brook, New York;
- The acquisition of Island Propane adds nearly 5,800 customers and 2.2 million gallons to Paraco in Nassau and Suffolk counties in New York
- The acquisition demonstrates Paraco’s commitment to further expanding its footprint in the Northeast and specifically in Long Island, New York
- Through the acquisition, Paraco will gain experienced and talented employees, expanding our knowledge and capabilities on Long Island
- With this acquisition, Paraco gains a strong, customer-centric service and delivery business
Paraco today announced the acquisition of Island Propane, located in Ronkonkoma, New York.
Paraco, a family-owned and operated company, is ranked as the 13th largest propane retailer in the United States and the largest privately held propane company in the Northeast, servicing NY, NJ, PA, CT, RI, MA, NH and VT from 21 distribution locations.
Through the acquisition of Island Propane, Paraco gains a strong, customer-focused service and delivery business that perfectly complements and extends the existing Paraco footprint on Long Island. Paraco has been servicing Long Island since 1985 and provides propane services to residential and commercial customers throughout Long Island from three locations in Bay Shore, Bohemia and Riverhead.
“The addition of Island Propane further demonstrates our commitment to the communities in these areas as well as the employees who will service these accounts as we move forward,” commented Joseph Armentano, CEO of Paraco. “Today’s announcement is positive news for our customers and employees. We will continue to invest in resources and new technology to ensure our customers are offered the best products and service in the industry,” said Armentano.
John Armentano, VP Acquisitions, commented, “Our long-term relationship and the high level of trust that we have developed over the years were paramount in making this acquisition work.”
The acquisition of Island Propane immediately increases the capabilities of Paraco on Long Island. Paraco is also pleased to announce that the founders of Island Propane will become part of the Paraco team going forward. Guy and Ariana Lucchese have owned the business for over 20 years. “After much thought and discussion, we elected to sell our business to Paraco due to the relationship we have with the Armentano family and the commitment they have demonstrated to their customers and employees. In addition to joining the Paraco team, we hope to spend more time enjoying our family and friends and truly experiencing all that life has to offer,” commented Guy Lucchese.
Both Island and Paraco customers will be serviced through a joint workforce located in Bohemia, Bay Shore and Riverhead.
About Paraco: Paraco Corporation is one of the leading propane gas companies in New York State and one of the top regional propane marketers in the Northeastern US. and was recently ranked as the 13th largest propane retailer in the United States by LP Gas magazine.
Established by Pat Armentano in 1968, our family-owned and operated company provides propane gas services to residential, commercial and wholesale markets from locations throughout the United States.