HOUSTON, Feb. 16, 2017 (GLOBE NEWSWIRE) -- National Gas & Electric, LLC announced today that it has closed on a company acquisition with an option to purchase additional customers. Upon exercising the option, NG&E would house over 100,000 residential customer equivalents (RCEs) which it intends to offer as dropdowns to Spark Energy, Inc. (NASDAQ:SPKE) in the first half of 2017.

“National continues to focus on delivering multiple pathways of significant growth for Spark,” said W. Keith Maxwell III, NG&E’s Chief Executive Officer and Founder and Chairman of Spark.

“We continue to work closely with our sponsor on the M&A front,” said Nathan Kroeker, Spark’s President and Chief Executive Officer. “Our strategy and platform has continued to prove itself to be highly scalable with the successful completion and integration of seven transactions since our IPO in July 2014.”

Spark has closed on several dropdown acquisitions from its parent company, including Oasis Power in July 2015 and Major Energy in August 2016.

About National Gas & Electric, LLC

NG&E serves as the parent company of Spark and is wholly owned by W. Keith Maxwell III, who is also the Founder and Chairman of Spark. NG&E is working alongside Spark to develop a strategy that maximizes Spark’s ability to aggressively pursue accelerated growth through M&A. NG&E also serves as a retail holding company for the de-risking of acquired books of customers in preparation for potential dropdowns to Spark.

About Spark Energy, Inc.

Spark Energy, Inc. is an established and growing independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for their natural gas and electricity. Headquartered in Houston, Texas, Spark currently operates in 18 states and serves 90 utility territories. Spark offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives.