Key Takeaways
- • PPC, a family-oriented investment firm, has reached a definitive agreement for Platinum Equity to purchase EDP, a propane distribution services provider, according to a Business Wire announcement.
- • EDP serves more than 200,000 residential, commercial, industrial and agricultural customers across 24 states and was built through the acquisition of 45 market-leading operators.
- • PPC invested in EDP in 2020 alongside founders, existing family office investors and management; EDP has more than tripled EBITDA since then through organic growth and acquisitions.
- • Terms of the transaction were not disclosed; closing is expected in November 2026, subject to customary conditions.
- • Solomon Partners acted as exclusive financial advisor and Kirkland & Ellis LLP as legal advisor to EDP.
Summary
PPC, a Chicago-based family-oriented investment firm that partners with family-, founder- and management-owned businesses, announced that it has reached a definitive agreement under which Platinum Equity will acquire EDP, according to a Business Wire release. Financial terms were not disclosed.
EDP was founded in 2012 by Tom Knauff, a 40-year industry veteran, and provides propane services to more than 200,000 customers across 24 states, including Arizona, California, New York and Pennsylvania. The company has grown through the acquisition of 45 market-leading operators while retaining their local brands and leadership teams. PPC invested in EDP in 2020 alongside the founders, existing family office investors and management. According to the announcement, EDP has more than tripled EBITDA during the six-year partnership through organic growth and strategic acquisitions.
Tom Knauff, Founder and Executive Chairman of EDP, said the company sought a partner in 2020 that would honor its legacy and culture while supporting leadership transition and accelerated growth. Kevin Pollack, EDP's Chief Executive Officer, described PPC as a valuable partner through rapid growth. Eric Kieras, Investment Partner at PPC, said the firm supported Knauff and the leadership team as they transitioned day-to-day leadership to the next generation.
The transaction reflects PPC's family direct investing approach, which pairs a family and long-term investor capital base with investing and operating expertise. The deal is expected to close in November 2026, subject to customary closing conditions. Solomon Partners and Kirkland & Ellis LLP advised EDP.
Platinum Equity, founded in 1995 by Tom Gores, is a global investment firm with approximately $48 billion in assets under management and about 60 operating companies. It employs a mergers, acquisitions and operations strategy and has completed more than 550 acquisitions over 30 years.
EDP was founded in 2012 by Tom Knauff, a 40-year industry veteran, and provides propane services to more than 200,000 customers across 24 states, including Arizona, California, New York and Pennsylvania. The company has grown through the acquisition of 45 market-leading operators while retaining their local brands and leadership teams. PPC invested in EDP in 2020 alongside the founders, existing family office investors and management. According to the announcement, EDP has more than tripled EBITDA during the six-year partnership through organic growth and strategic acquisitions.
Tom Knauff, Founder and Executive Chairman of EDP, said the company sought a partner in 2020 that would honor its legacy and culture while supporting leadership transition and accelerated growth. Kevin Pollack, EDP's Chief Executive Officer, described PPC as a valuable partner through rapid growth. Eric Kieras, Investment Partner at PPC, said the firm supported Knauff and the leadership team as they transitioned day-to-day leadership to the next generation.
The transaction reflects PPC's family direct investing approach, which pairs a family and long-term investor capital base with investing and operating expertise. The deal is expected to close in November 2026, subject to customary closing conditions. Solomon Partners and Kirkland & Ellis LLP advised EDP.
Platinum Equity, founded in 1995 by Tom Gores, is a global investment firm with approximately $48 billion in assets under management and about 60 operating companies. It employs a mergers, acquisitions and operations strategy and has completed more than 550 acquisitions over 30 years.
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