Acquisition Growth Thompson Gas has a track record of acquiring propane assets and related businesses, including WTG Fuels assets in 2024 and Harris Propane in 2024, indicating a strategic growth pattern through bolt-on acquisitions which presents upsell and cross-sell opportunities with existing and newly integrated customers.

Expanded Footprint Recent expansions across multiple states through acquisitions (Maryland, New Jersey, Georgia, Colorado, Montana, Wyoming, and others) suggest a growing geographic reach that can be leveraged to offer regionalized energy solutions, logistic enhancements, and bundled service offerings to a broader customer base.

Carbon Efficiency Historically engaged in alternative fuels funding and autogas projects, including a $400K greenhouse gas reduction initiative, signaling openness to sustainability programs and potential partnerships for cost-effective cleaner fuel transitions for commercial fleets.

Fleet & Autogas Synergy Strategic partnerships with LKQ for autogas projects and a focus on propane distribution indicate strong potential to cross-sell fleet fueling solutions, maintenance, and retrofit services to transportation and industrial customers seeking economical fuel alternatives.

Mid-market Target Revenue range and employee size position Thompson Gas as a mid-market player with room for scalable, repeatable sales motions targeting regional small to mid-size businesses, municipalities, and agricultural customers seeking reliable propane and associated services.