Acquisition Announcement: Brodeur’s Oil
KENT, CONNECTICUT October 29, 2019 – Cetane Associates LLC is pleased to announce that HOP Energy, LLC (“HOP”) based in White Plains, New York has acquired the full-service heating oil business of Brodeur’s Oil Service, Inc. (“Brodeur’s Oil”) based in Moosup, Connecticut.
Founded in 1949, Brodeur’s Oil is a well-known full-service heating oil business with customers throughout Eastern Connecticut serviced from its office in Moosup and bulk facility in Jewett City.
HOP is one of the largest privately-owned specialty distributors of heating oil, propane and other petroleum products and related services to homeowners and small businesses in the Mid-Atlantic and Northeast regions of the United States.
Steve Lombardi, owner of Brodeur’s Oil, stated “We were very pleased to have such a knowledgeable and experienced company in our corner with the team at Cetane. It was obvious that they knew the best process and how to get the ball over the goal line. Their advice throughout the process was greatly appreciated and we thoroughly enjoyed working with them.”
Michael Anton, chief executive officer of HOP, commented that “Brodeur’s is an outstanding company with a laser focus on customer satisfaction. We are thrilled to be able to have their employees and customers join our family of employees and customers. This is a perfect fit for our portfolio of brands within the market. I also note that this the fifth acquisition we’ve completed with Cetane as intermediary and we appreciate the way they present their client’s businesses. We look forward to our next one.”
Cetane Associates, LLC served as the sole arranger and financial advisor to Brodeur’s Oil. Cetane advised on the sale including an initial valuation opinion; marketing the business through a confidential, formal process; negotiation of the final deal terms; coordination of the due diligence process; and providing support during the closing process. The transaction was managed by Steve Abbate, Joshua Wolf, and Fred Lord.
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.
Steve Abbate, +1 860-592-0089