Led by Industry Veteran James Watson, US Propane Acquires Atlanta Propane Exchange and North Carolina Propane Exchange

BOSTON, Nov. 10, 2026 /PRNewswire/ — Fort Point Capital, a Boston-based private equity firm, announced today the launch of US Propane (the “Company”), a growth-oriented propane distribution platform. Located in Auburn, Georgia, US Propane was formed with the purpose of building an industry-leading platform to partner with locally owned and operated propane companies across the United States.

In connection with the platform’s launch, US Propane announced the simultaneous acquisitions of Atlanta Propane Exchange (“APE”) and North Carolina Propane Exchange (“NCPE”), leading propane distributors specializing in providing forklift cylinder exchange services in Georgia and North Carolina, respectively.

Concurrent with the formation of US Propane, James Watson has been appointed Chief Executive Officer. Watson brings over thirty years of propane industry experience, having started as a service manager for a locally owned propane business and progressing to senior leadership positions across local and regional operations, sales, and strategy at a few of the largest propane companies in the country. In addition to his operational expertise in growing businesses organically, Watson has a demonstrated track record of sourcing, acquiring, and integrating local propane companies serving commercial and residential customers.

“We are excited to partner with James, alongside US Propane, APE, and NCPE management teams to build on the legacy of two well-established propane distribution companies with a strong reputation for safe, reliable service,” said Paul Lipson, Partner at Fort Point Capital. “Propane is an essential energy source for the customers APE and NCPE serve, and the businesses’ dedicated employees and longstanding customer relationships across Georgia and North Carolina provide an excellent foundation for US Propane.”

“I am thrilled to partner with Fort Point and build US Propane together,” said James Watson. “APE and NCPE have earned the loyalty of their customers through the commitment of their employees, and we intend to build on this foundation as an organization committed to safe and reliable customer service. With Fort Point’s support, we look forward to growing US Propane and partnering with business owners who are seeking growth, planning for succession or considering retirement, while maintaining the culture for quality service they have tirelessly built.”

“Propane distribution is an essential service in a highly fragmented market, and many family-owned and local operators are looking for a partner that will continue their legacy and take care of their employees and customers. US Propane is built to be that partner,” said Andrew Les, Vice President at Fort Point Capital. “We’re excited to partner with James and the rest of the management team to support US Propane’s growth ambitions and pursue acquisitions to build a leading, multi-regional propane distribution platform.”

O2 Sponsor Finance (a division of Old Second National Bank) and GMB Capital Partners provided debt financing for the transaction. Akerman LLP advised Fort Point Capital and US Propane.

About US Propane:

Headquartered in Auburn, Georgia, US Propane acquires and partners with locally operated propane distribution businesses whose owners seek resources and capital for growth, plan for succession, or consider retirement. US Propane focuses on acquisition opportunities in the Southeast, Mid-Atlantic, and Northeast but welcomes strong companies regardless of location. Founded in 2026, US Propane is principally owned by its management team and Fort Point Capital. To learn more, please visit uspropane.com.

About Fort Point Capital:

Fort Point Capital brings a management-led, growth-oriented approach to private equity investing, targeting fragmented sectors of the business services industry. Founded in Boston in 2011, Fort Point partners with founders and management teams to accelerate growth by providing resources to expand teams and infrastructure, improve service offerings, access new markets, and support follow-on acquisitions. Fort Point fulfills its commitment to management, employees and shareholders by employing a repeatable process to drive durable value, showcased in over 60 acquisitions since its inception. Fort Point is currently investing from FPC Small Cap Fund III. To learn more, please visit fortpointcapital.com.

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SOURCE Fort Point Capital