9-21-20 As seen in the Buffalo News - Chris Henrich and Brandie Mask are counsel for NOCO Energy's Acquisition of Glycol Blender.
Posted on September 21, 2020
Noco buys Syracuse company, bolstering sustainable energy strategy
Noco Energy has acquired a Syracuse-based company as part of its increased push into sustainable energy.
Tonawanda-based Noco bought Glycol Blender, which sells and delivers glycols, a type of antifreeze used as a coolant in commercial and industrial applications. Glycol Blender also recovers glycol-water mixes for recycling.
Terms of the deal were not disclosed. As a result of the acquisition, Noco has formed a new division, called Noco Innovative Industrial Solutions. Its general manager, E.J. Docteur, was Glycol Blender's owner.
Acquiring Glycol Blender extends Noco's territory, said James Dentinger, head of Noco Enterprises, which was formed this year. "We think this will open up opportunities for our business going east of Albany."
The deal also creates opportunities for Noco to expand its recycling business into other types of solvents and wastes, Dentinger said.
Noco is on the hunt for deals. The company created Noco Enterprises to look for business acquisitions and market opportunities like Gycol Blender. Last year, Noco sold 33 of its convenience stores and its fuel terminal to Marathon Inc.
Glycol Blender's sales are currently over $3 million a year, said James Newman, Noco Energy's president. "In three or four years, I think they could be in excess of $10 million," he said.
Newman said the Glycol Blender deal reflects Noco Energy's push to grow in different categories after selling the stores.
"We're committed to being part of the local economy," Newman said. "We're hiring people, we're buying companies." The business now has about 300 employees and has added employees this year, he said.
Sustainable energy is one segment where Noco wants to grow. The company hired Paul Tyno for a new role, as director of energy efficiency and sustainability. Tyno was most recently strategic adviser for energy initiatives with the Buffalo Niagara Medical Campus.
"Now we have the bench strength to go in and work with a company and say, 'Sustainability is something everybody needs to focus on,'" Dentinger said.