Acquisition Announcement: Buchanan Fire & Outdoor
NEW MILFORD, Conn. – March 2, 2023 – Cetane Associates (“Cetane”) is pleased to announce that Blossman Gas, Inc. (“Blossman Gas”) of Ocean Springs, Miss. has acquired assets related to the fireplace and hearth, home heating products, and propane delivery business of Buchanan Oil and L.P. Gas, Inc. (“Buchanan Fire & Outdoor”) of Travelers Rest, S.C. The transaction closed on March 1, 2023.
Since it was founded in 1974, by Gentry “Cotton” Buchanan, three generations of the family have owned and operated Buchanan Fire & Outdoor. With its beginnings in heating oil, the business has always sought to meet customer needs which led to an expansion to propane (and a name change to Buchanan Propane) and, later, to diversification into fireplace and hearth products and services, including a showroom (and another name change to Buchanan Fire & Outdoor). Buchanan Fire & Outdoor sells and delivers propane to residential and light commercial customers in northwest South Carolina. Their customers are guaranteed warmth and comfort, which includes installation and construction of outdoor fireplaces, kitchens, and fire pits. President Robert “Stacey” Buchanan stated, “We’re very happy to complete this successful transaction and are certain our employees and customers will enjoy the high standards Blossman Gas is known for.” He also remarked, “I want to add my thanks to the team at Cetane Associates for their outstanding, professional guidance throughout the process. We knew we were in great hands with Cetane from start to finish.”
Blossman Gas is the largest privately held propane marketer in the U.S., providing propane services to 19 Southeastern and Mid-Atlantic states. Established in 1951 by Woodrow “Woody” Blossman, the third generation of family ownership now has thousands of customers and 85 stores. For more than 70 years, Blossman Gas has invested heavily in the service side of its business and strives to “maintain service and family values of a small company.” Blossman Gas Chief Operating Officer David Reynolds remarked, “It’s a privilege to have the Buchanan group join the Blossman Gas team. We welcome them and look forward to delivering superior service to their long-time customers. This transaction is an excellent addition to our growing organization.”
Joe Rosengrant, Director of Business Development at Cetane, commented, “I’m delighted for the Buchanan family to have completed this meaningful transaction. It was a pleasure to work with them and the Blossman team. I congratulate them both on achieving this milestone.”
Cetane served as the sole arranger to Buchanan Fire & Outdoor. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in negotiating the final deal terms, and coordinating the due diligence process. The transaction was managed by team members Joe Rosengrant, Tamera Kovacs, Barrett Conway, and Tyler Machado.