Platinum Equity Signs Definitive Agreement to Acquire Propane Distributor EDP

Platinum Equity signed a definitive agreement to acquire EDP, a Chicago-based propane distributor serving more than 200,000 customers through more than 60 locations across 24 states. Terms of the transaction were not disclosed. PR Newswire published the announcement on October 28, 2026.

Platinum Equity's Definitive Agreement for EDP

Platinum Equity is a global investment firm founded in 1995 by Tom Gores, with approximately $48 billion of assets under management and a portfolio of approximately 60 operating companies. EDP distributes propane and light fuels and provides related services to residential homeowners, commercial businesses and agricultural customers through locally-managed operating companies.

EDP CEO Kevin Pollack will continue as CEO following the transition to new ownership. "Platinum Equity shares our long-term vision for the business and brings substantial operational expertise, acquisition experience and financial resources that will help us continue executing our growth strategy," Pollack said.

Louis Samson, Co-President of Platinum Equity, said propane continues to play a vital role in meeting the energy needs of residential, commercial and agricultural customers. David Glatt, a Managing Director at Platinum Equity, said the firm sees opportunities to support EDP's organic growth initiatives, invest in its operating capabilities and technology infrastructure, and pursue additional acquisitions in what remains a highly fragmented market.

The transaction is subject to customary closing conditions and regulatory approvals. J.P. Morgan Securities LLC and Baird are advising Platinum Equity on the acquisition, and Latham & Watkins LLP is serving as legal counsel. Financing will be arranged by J.P. Morgan Securities LLC, Guggenheim Corporate Funding, LLC, Oaktree and Fifth Third.

Platinum Equity's Recent Deal Record

According to akta.pro company records, Platinum Equity sold Urbaser to Blackstone and EQT for approximately $6.6 billion in February 2026, a major exit from the 2021 acquisition of the Madrid-based environmental services company. In January 2026, the firm rolled approximately $1 billion of equity in the $7.4 billion business combination of Husky Technologies with CompoSecure, creating GPGI, Inc. The same records show Platinum Equity's acquisition of Héroux-Devtek Inc. for approximately $1.35 billion, announced in March 2025, will make the Canadian aerospace manufacturer a privately-held company.

Earlier Platinum Equity Transactions

In October 2026, Platinum Equity signed a definitive agreement to acquire a majority stake in Trime, an Italian manufacturer of mobile lighting and power equipment, with founder and management investing alongside, PR Newswire reported. Also in October 2026, the FTC sued to block PlayPower's acquisition of Burke, alleging the deal would raise prices and reduce innovation for playground equipment, Investing.com reported. In September 2026, the LA Business Journal reported that Platinum Equity sold yacht and cruise outfitter De Wave Group to Renaissance Partners for $465 million, with the deal expected to close in the fourth quarter.

EDP's Customer Base and Footprint

EDP serves residential, commercial and agricultural 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. Platinum Equity said it will support continued investments in sales, marketing, technology and strategic acquisitions.