Fuel Industry Leaders Guttman Energy, Guttman Renewables and Source One Transportation Announce Their Transition to Employee Ownership

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Guttman Energy, one of the region’s largest private companies with approximately $4 billion in total revenue, Guttman Renewables and Source One Transportation, have now become employee-owned companies, united in a newly formed Company – Guttman Holdings. The companies within this new Employee Stock Ownership Plan (ESOP) will continue to market under their current names, in the same markets, and are expected to continue their significant growth and success.

“The ESOP and opportunities provided to us by the Guttman families are truly special and very much appreciated,” said Joe Lucot, Chief Financial Officer.

Guttman Energy, one of the region’s largest private companies with approximately $4 billion in total revenue, Guttman Renewables and Source One Transportation, have now become employee-owned companies, united in a newly formed Company – Guttman Holdings. The companies within this new Employee Stock Ownership Plan (ESOP) will continue to market under their current names, in the same markets, and are expected to continue their significant growth and success.

Guttman has been fueling innovative growth for 92 years. Industrial, commercial, retail, and transportation operations across the eastern United States have trusted Guttman for their customized fueling solutions, and Source One Transportation to deliver their fuel safely and efficiently. Guttman Renewables, the Company’s latest innovation, provides customers with the most sustainable products and solutions available. This commitment to always provide its customers with personalized and highly responsive service continues to set Guttman apart within the fuel industry.

“My brothers and I are extremely excited about this opportunity. Having been very successful in managing our customer’s fuel and transportation needs through the most tumultuous time in our history, we remain very bullish about this business and our future. We have an outstanding executive leadership team in place. Joe Lucot, CFO and Mark Harper, COO have been leading the Company for the last few years and have set Guttman up for continued growth. The ESOP is an opportunity to share our success with the leadership team and all the employees. We are thrilled to turn over the Company and entrust our legacy to our outstanding management team and team members to take Guttman into the future,” said Alan Guttman, CEO and Chairman of the Board.

“We are incredibly grateful for - ­and proud of — this amazing opportunity. Each of us now has a heightened sense of commitment to our customers and vendors’ goals. As one energized, engaged, and employee-owned and led team, we will build an even stronger Company, and a better future for all the stakeholders we serve,” said Mark Harper, Chief Operating Officer.

“The ESOP and opportunities provided to us by the Guttman families are truly special and very much appreciated. Our long-term growth and success will allow us to enhance employee engagement and loyalty, attract and retain the absolute best people, further support economic development in the regions where we operate, and continue to serve our communities,” said Joe Lucot, Chief Financial Officer.

ADDITIONAL INFORMATION ABOUT THE GUTTMAN HOLDINGS’ COMPANIES

Guttman Energy
In 1931 Jacob Guttman began with a single gas station in McKeesport, PA. Today, Guttman Energy is a full-service fuel distribution enterprise that provides customers with the safest, most efficient, customized, and comprehensive fuel distribution, delivery, and service possible. Now, as an employee-owned Company, Guttman Energy is committed to building a stronger future for all their stakeholders, by taking personal ownership of their Company’s long-term growth, and ensuring their collective success.
Additional information is available at Guttman Energy.

Source One Transportation
Source One is a leading transportation and fuel hauling company that provides petroleum and alternative fuels delivery, logistics management, and fuel distribution management to refiners, convenience store operators and service stations, distributors, carriers, and commercial and industrial customers. Customers partner with Source One for their strong safety record; highly trained, professional drivers, responsive service; competitive rates; and industry-leading fleet management technology.
Additional information is available at: Source One Transportation.

Guttman Renewables
Guttman Renewables works to implement proactive measures to reduce their environmental impact, and provide customers with the most sustainable products, and effective environmental solutions available. The Guttman Renewables Carbon Offset program enables companies to invest in projects that capture, destroy, or prevent the formation of greenhouse gases.
Additional information is available at: Carbon Offsets – Guttman Energy

FOR MEDIA INQUIRIES, CONTACT:
Pam Corn
Director, Marketing
PCorn@guttmanenergy.com
412-779-7355

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Pamela Corn