Pick Up Propane, Inc.

Have updates for this profile? Please contribute data

= Subscriber Access Only

You are viewing a preview of this profile. Request a Preqin Pro demo for full access to all profiles and underlying data.

With Preqin Pro, you gain an unobstructed view of all alternative asset class activity across institutional investors, fund managers, funds, portfolio companies, deals, exits, and service providers.

Pick Up Propane, Inc. - overview

Established

1969

Location

Manteca, CA, US

Primary Industry

Oil & Gas

About

Based in the US, Pick Up Propane, Inc. specializes in propane tank exchange services, catering primarily to barbecue enthusiasts and recreational vehicle owners with convenient access to propane across various retail locations. Pick Up Propane, Inc. operates in the propane exchange sector, providing services primarily to consumers and local retailers in California and Nevada.


Founded in 1969 in Manteca, US, the company was involved in a significant transaction in July 2021 when Superior Plus Corp. acquired it to expand its US propane distribution business. The acquisition was finalized in March 2022, enhancing the operational platform in the Western U. S.


The founder's specific history is not detailed in the records available. Pick Up Propane primarily offers a propane tank exchange service designed to meet the needs of barbecue enthusiasts and recreational vehicle (RV) owners in California and Nevada. The company simplifies the propane purchasing process by providing clean, inspected, and pre-filled tanks available at various retail locations, ensuring convenience for end users who require propane for outdoor cooking or travel. Retailers partnered with Pick Up Propane receive comprehensive support, including installation of propane tank storage cages and sales training, enabling them to offer propane without the burden of extensive training or upfront costs.


The core customer base includes local retailers and consumers who value the convenience of having propane readily available, with many locations operating seven days a week and some open 24 hours to cater to diverse consumer needs. The revenue model of Pick Up Propane is structured around partnerships with local retailers, allowing them to act as intermediaries in the propane tank exchange market. Retailers purchase propane tanks from Pick Up Propane, which are then made available to consumers needing propane for barbecues or RV usage. The transactions typically occur on a B2B basis, where retailers stock the tanks and manage sales to end consumers, fostering a symbiotic relationship that drives sales volume for both parties.


While specific pricing plans and transaction costs are proprietary, the model enables retailers to generate revenue through the sale of propane tanks while benefiting from the branding and operational support provided by Pick Up Propane. This arrangement enhances market accessibility for consumers, ensuring they have easy access to propane when required. In July 2021, Superior Plus Corp. agreed to acquire Pick Up Propane, Inc.


, a transaction completed in March 2022, allowing for an expansion of the propane distribution business in California and creating a substantial operating platform in the Western U. S. for further synergies and acquisitions. Future growth strategies may include introducing new products to enhance service offerings and expanding into additional geographic markets throughout California and Nevada, although specific details on new product timelines and market entry dates have not been disclosed.


Current Investors

Superior Plus Corp.

Primary Industry

Oil & Gas

Sub Industries

Oil & Gas Equipment and Services, Petroleum Wholesale Distribution

Website

www.pickuppropane.com

Company Stage

Add-on

Total Amount Raised

Subscriber access only

Pick Up Propane, Inc. - deals

Deals TypeDeal StatusTarget (s)Deal DateInvestor(s)Seller(s)Deal size (Mn)Enterprise value (Mn)Post-money valuation (Mn)EBITDA multiple (x)Revenue multiple (x)Lead partner (s)
Add-onCompletedPick Up Propane, Inc.-

Displaying 1 - 1 of 1

Time to go Pro

Get Preqin Pro for unrestricted access to 600,000+ detailed profiles on fund managers, investors, funds, companies, and other alternative asset players. Unlock exclusive data on future plans, company financials, fundraising history, track records, and more.