Centric Gas Services, a Magnolia, Texas-based local gas distribution platform, received a majority investment from Ara Partners Group.
The amount of the deal was not disclosed.
Led by Robert S. Barnwell IV, President and Chief Operating Officer, Robert “Barney” Barnwell III, Chairman, Centric Centric Gas Services distributes and sells natural gas to residential, commercial, and industrial customers.
The company currently owns and operates four local gas distribution companies and three gas transmission pipeline companies serving approximately 14,500 customers in high-growth areas of the State of Texas.
The Barnwell Family founded Centric’s underlying entities in 1993 and will continue to own a substantial minority position alongside Ara Partners.
The company intends to use the funds to continue building an infrastructure platform for its customers while ensuring the continuity of employees, management team, regulatory processes, and adherence to safety standards.