The dollar amount wasn’t disclosed but Summit Utilities, a privately held holding company is becoming the new owner of the Arkansas Oklahoma Gas Corporation.
Summit operates natural gas distribution subsidiaries in Colorado, Missouri and Maine and will soon take over the serving of nearly 60,000 natural gas utility customers in Oklahoma and Arkansas, according to the Fort Smith Times Record.
AOG has been owned by the family of Witt Stephens Sr. for 72 years. The sale will allow Summit Utilities to double its customer base and expand into the two states.
“Arkansas Oklahoma Gas Corp. has built a strong foundation in its service territories and a great reputation for quality customer service. We are eager to welcome AOG into the Summit Utilities family and to work together to further the company’s success,” said Kurt Adams, president and CEO of Summit Utilities, in the news release. “At Summit Utilities, we see this acquisition as a merger of two great teams that build on each other’s strengths as we continue to grow.”
Kim Linam, president of AOG, said he and the company “look forward to combining forces” and the natural gas utility has “the same commitment to safe, reliable natural gas delivery and exceptional customer service.”
“AOG has been a constant presence in our family,” Witt Stephens Jr. added in the release. “Our involvement with AOG has dramatically and favorably impacted our family and we express gratitude to all past and present employees.”
Stephens went on to say that it was important to the Stephens family that any company that joined AOG would “continue its high standard of ethical and fair treatment of AOG’s customers and employees.” He also said he has confidence that Summit Utilities will “continue those traditions and provide new opportunities for the employees as they focus on further growing the business.”
Summit Utilities is acquiring 100 percent of the equity of A.O.G. Corp. On behalf of Summit Utilities, Centerview Partners LLC served as exclusive financial adviser and Latham & Watkins LLP served as legal counsel for
