Six-year partnership tripled EDP’s earnings and supported the founder’s transition to next-generation leadership

PPC, a family-oriented investment firm that partners with family-, founder- and management-owned businesses, announced today that it has reached a definitive agreement under which Platinum Equity would purchase EDP, a leading provider of propane distribution services.

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Founded in 2012 by Tom Knauff, a 40-year veteran of the industry, EDP provides safe, reliable propane services to more than 200,000 residential, commercial, industrial and agricultural customers across 24 states. The company has been built through the strategic acquisition of 45 market-leading operators while preserving their local brands and leadership teams. PPC invested in EDP in 2020 alongside the founders, existing family office investors and management. Since then, EDP has more than tripled EBITDA through organic growth and strategic acquisition.

“In 2020, we sought a partner that would honor the company’s legacy and culture while helping us expand our team, transition leadership and pursue accelerated growth,” said Tom Knauff, Founder and Executive Chairman of EDP. “We are fortunate to have found partners who embraced our vision and gave us the support to grow, and all of us at EDP are grateful for the partnership of PPC, Concentric Equity Partners and our other shareholders.”

“PPC has been a valuable partner through a period of rapid growth, bringing a deep understanding of founder-led businesses and strong financial and operational support,” said Kevin Pollack, Chief Executive Officer of EDP. “Their respect for our culture and our team allowed us to expand without compromising our commitment to our employees, customers and the local communities we serve.”

“We are proud to have supported Tom and the EDP leadership team over the past six years as they expanded their operational footprint and transitioned day-to-day leadership to the next generation,” said Eric Kieras, Investment Partner at PPC. “EDP is a terrific business, and we are confident the company is well positioned for continued success with its new partners.”

The EDP transaction reflects PPC’s approach of family direct investing, which pairs a like-minded capital base of families and other long-term investors with investing and operating expertise. This approach aligns PPC with management teams around building enduring businesses and creating long-term value.

Terms of the transaction were not disclosed. The transaction is expected to close in November 2026, subject to customary closing conditions.

Solomon Partners acted as exclusive financial advisor and Kirkland & Ellis LLP acted as legal advisor to EDP.

About PPC

PPC is a family-oriented investment firm that partners with family-, founder- and management-owned companies in the manufactured products and services sectors. The firm’s differentiated investor base, anchored by family investors, allows for aligned decision-making, flexible transaction structures and a focus on long-term business objectives. For more information, visit PPCPartners.com.

About Concentric Equity Partners

Concentric Equity Partners is a private investment firm that partners with leading middle market companies by providing capital and strategic advisory to accelerate long term value creation. Concentric’s approach is simple: support entrepreneurs and operators by providing the resources required to achieve extraordinary results. The firm’s investment team is made up of individuals with distinguished track records as operators and professional investors across a variety of growth oriented middle market companies. Concentric Equity Partners is the direct investing arm of Financial Investments Corporation, a private asset management firm and family office with over $2.5 billion in investment commitments under management. Financial Investments Corporation was founded in 1994 by father and daughter Harrison and Jennifer Steans and has been partnering with private companies for more than 30 years. Please visit www.ficcep.com for additional information.

About EDP

Chicago-based EDP is a growing propane distributor with deep experience in retail and commercial propane sales, operations and finance. The company provides safe, reliable propane service to residential and commercial customers in Arizona, California, Connecticut, Delaware, Florida, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Virginia, Washington, West Virginia and Wisconsin. EDP’s long-term strategy is to acquire successful propane and fuel operators while retaining their brand names, preserving local management and continuing to support local communities.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $48 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations — a trademarked strategy it calls M&A&O® — acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 30 years, Platinum Equity has completed more than 550 acquisitions. For more information, go to www.platinumequity.com or visit Platinum Equity’s newsroom for the latest stories about the firm.

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