Propane supplier Polar Gas bought in private equity roll-up

BRIGHTON — Polar Gas was sold to Frederick, Maryland-based ThompsonGas LLC on undisclosed terms, trade news reports said.

Polar has eight locations in Colorado including Greeley, Estes Park, Fort Lupton and Briggsdale. It’s run by Nathan and Chris Reed, reports said, and is a dba for PGI Ventures Inc., secretary of state filings show.

“The Reed family has built a legacy of quality and hard work,” ThompsonGas CEO Jeff Kerns said in one news report.

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ThompsonGas has since January 2015 been owned by Redwood Capital Investments, a family office and investment vehicle for Jim Davis, co-founder of global staffing firm Allegis Group. Forbes says Davis has a net worth of $4.6 billion.

Redwood holds stakes in a dozen companies in automotive, distribution, chemicals and energy, according to PitchBook. ThompsonGas’ website shows operations in 20 states. It’s bought 12 propane companies in the past 18 months and is the sixth-largest U.S. propane marketer, according to a trade journal list.

The Polar purchase is its entry into its 21st state.

“We look forward to watching our footprint continue to grow throughout the Colorado market,” said Derek Ashmore, regional vice president of ThompsonGas.

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