Platinum Equity to acquire EDP, a propane distributor

Platinum Equity has signed a definitive agreement to acquire EDP, a provider of propane distribution and related services to residential, commercial and agricultural customers across the United States. Terms were not disclosed. The transaction is subject to customary closing conditions and regulatory approvals.

EDP serves more than 200,000 customers through over 60 locations in 24 states. Platinum Equity said it plans to support investment in sales, marketing, technology and additional acquisitions in a fragmented market. EDP CEO Kevin Pollack will remain CEO after the transition.

J.P. Morgan Securities LLC and Baird are advising Platinum Equity, and Latham & Watkins LLP is serving as legal counsel. Financing will be arranged by J.P. Morgan Securities, Guggenheim Corporate Funding, Oaktree and Fifth Third.