HC2 Holdings, Inc. (HC2), a diversified holding company, announced that American Natural Gas (ANG), a premier distributor of alternative motor fuels and a portfolio company of HC2, has acquired Questar Fueling Company, a subsidiary of Questar Corporation, and Constellation CNG, LLC, formerly a subsidiary of Constellation, in two separate transactions.
As a result of the acquisitions ANG acquired 18 CNG fueling stations, and now owns and operates approximately 40 stations in 13 states across the United States, inclusive of stations in process and under development, up from only two stations at the time of HC2’s initial investment in ANG in August 2014. ANG acquired seven CNG stations in Indiana and Ohio via the acquisition of Constellation CNG, and 11 CNG stations in Arizona, Kansas, Texas, Utah, California, and Colorado through the acquisition of Questar.
“We are extremely pleased with the progress Drew West and the ANG team have made in dramatically expanding their portfolio of CNG stations to become a truly national company,” said Philip Falcone, HC2’s Chairman, CEO and President. “With energy prices on the rise and sustainability efforts growing more critical, we believe there is a growing opportunity in this marketplace to further expand ANG’s footprint and to serve the needs of their current and future customers.”
“Our customers’ needs are driving our expansion,” said Drew West, CEO of ANG. “With a national footprint, ANG is situated better than ever to support fleets across the country in broader, more extensive adoptions of CNG. These strategic purchases align with our mission to expand our CNG network, extend the reach of alternative fuels, and continue to meet the needs of this growing industry.”
Source: HC2 Holdings
