T.W. Phillips Gas and Oil Co. in Butler has been sold to SteelRiver Infrastructure Fund North America in New York.

The sale depends on regulatory approval from the state Public Utility Commission, the Federal Energy Regulatory Commission and several others.

T.W. Phillips is a family owned business dating back to 1896 and the earliest days of natural gas production in the world. Bruce Wiegand, T.W. Phillips president and CEO and a family member, will retire at the close of the deal.

T.W. Phillips has about 200 employees and about 62,000 customers in 10 Western Pennsylvania counties.

SteelRiver bought Pittsburgh Peoples Gas from the Virginia-based Dominion earlier this year.