Acquisition Annoucement: Montuori Oil Delivery, Inc.
KENT, Conn. – September 21, 2020 – Cetane Associates LLC (“Cetane”) is pleased to announce that Brideau Oil Corp. (“Brideau Energy”) of Fitchburg, Mass. has acquired the heating oil, diesel, and bulk gasoline delivery businesses of Montuori Oil Delivery, Inc. and related entities (together “Montuori Oil”) of Fitchburg, Mass. The transaction closed on September 10, 2020.
Montuori Oil, founded in 1926, delivers heating oil and diesel to residential and light commercial customers in northern Worcester and Middlesex Counties in Massachusetts, and Hillsborough and Cheshire Counties in New Hampshire under the brand name Montuori Fuel. The company also owns and operates two full-service gasoline stations under the brand name Happy Car, which were not part of the transaction.
Brideau Energy, founded in 1987, is a full-service provider of heating fuels, propane, plumbing, and HVAC services to residential customers throughout north-central Massachusetts and southern New Hampshire.
Michael Montuori, owner and President of Montuori Oil, remarked that “It’s hard to believe that it has been 94 years since my father, Rigo, started what would become Montuori Oil. I began working for him during high school, so I’ve been at this for quite a long time. I faced a decision – really not if to sell, but when to sell and to whom. Selling to Mark Brideau was the perfect fit, as we service customers in the same area, and both companies share the same family business values, with an emphasis on putting the customer first and treating our employees fairly.” He went on to say, “the team at Cetane Associates did a fantastic job at assisting me to make that decision and in arranging and helping close the sale to Brideau Energy.”
Mark Brideau, President of Brideau Energy, stated that “We’ve known Mike as a respected competitor for many years. We knew he ran a solid delivery operation and treated his employees and customers very well, so we were very excited when we received an invitation to submit an offer for his business. Mike and his team of advisors really helped create a very `boring‘ transaction process, which I mean as a compliment. We look forward to welcoming Montuori Oil’s team of employees and being able to offer Montuori Oil’s customers our propane, plumbing and HVAC services.”
Fred Lord, Director of Cetane, added, “We really enjoyed working with Mike and Mark on this transaction. We know leaving the heating oil business was a bittersweet decision for Mike. But we also know that Mike is glad that his long-standing family business was acquired by another family business right in the same town. We wish Mike much continued success in his gas station business.”
Cetane served as the sole arranger and financial advisor to Montuori Oil. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in the negotiation of final deal terms, and coordination of the due diligence process. The transaction was managed by team members Steve Abbate, Fred Lord, Joshua Wolf, and Barrett Conway.
About Cetane Associates
Cetane Associates LLC is a leading provider of financial advisory services to owners of businesses in the retail energy distribution industry. Clients engage Cetane to advise on sales, spin-offs, and acquisitions, as well as perform valuation and ad hoc corporate finance assignments. For more information, please visit www.cetane.net.