David C. Glendon has held the President and CEO position at Sprague Resources LP (NYSE:SRLP) since January 2008. Mr. Glendon has been with the company since 2003 and was previously the Senior Vice President, Oil and Materials Handling, focusing on driving the execution of a customer-centric approach across all elements of the business. Prior to joining Sprague Resources LP, Mr. Glendon was a Partner and Global Account Manager at Monitor Group. He was also a Founder and Managing Director of Monitor Equity Advisors, which worked with leading private capital providers in evaluating transactions and enhancing the strategic positions of their portfolio investments. David Glendon details his company’s current operating and strategic plans in this exclusive interview in the Wall Street Transcript.
Sprague Resources includes a business segment with a significant competitive barrier to entry. “In our Refined Products segment, we are in an enviable position of owning terminal assets in all of the major Northeast harbors, which would be very difficult to replicate. It is extremely unlikely that someone could obtain permits now to build additional terminal infrastructure in the Northeast and specifically in the ports and harbors in which we have long-standing terminal assets. That is the most difficult element to replicate within our business.”
Another growth driver is the company’s natural gas business. “The Natural Gas business is a marketing and logistics business that is Northeast-centric, is very asset-light. We secure transportation on natural gas pipelines and are able to supply customers behind city gates, or local utilities, without owing these assets. It is really a logistics and marketing business that uses an existing natural gas infrastructure to serve commercial and industrial accounts.”
David Glendon has led an active acquisition drive for the company in recent years. “Since we went public about four years ago, we have made 10 acquisitions. So last year was a pretty prolific pace, but all of them were relatively modest-sized acquisitions that we think we are capable of integrating well.”
Find out the next steps in David Glendon’s strategic plan for Sprague Resources by reading the full interview in the Wall Street Transcript.
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