Acquisition Announcement: Dominick Fuel
KENT, Conn. – August 26, 2021 – Cetane Associates LLC is pleased to announce that HOP Energy, LLC, White Plains, N.Y. has acquired certain assets related to the operations of Dominick Fuel, Inc., a full-service heating fuels delivery business located in Norwalk, Conn. The transaction closed on August 19, 2021.
Founded in 1945 by Andrew “Andy” Dominick, Sr. who first named the business A. Dominick & Sons with the intention of turning it into a family business. His three sons were each given a chance, at age 16, to accompany Andy on deliveries during the summer. All three sons learned the business and eventually assumed full ownership in 1982, changing the name to its current brand, Dominick Fuel, which now delivers heating oil, diesel, and propane. Within the family, ownership changed hands over the years. Co-owner and General Manager, Randall “Randy” Dominick, founder Andy’s grandson, states “With our strong emphasis on excellence in delivery and service, we are pleased to now be part of HOP Energy because they share those values.” He continues to say, “Selling to HOP Energy is a win for our customers, employees, and the community of Fairfield County. To the professionals at Cetane Associates, thank you all. What a big process and successful deal. What a team!”
One of the largest heating oil companies in the northeastern United States, established over the last 22 years through the acquisition of over 50 separate heating oil companies, HOP Energy’s service area now stretches across eight states from Vermont to Delaware. HOP Energy Chief Executive Officer Michael Anton comments, “We welcome the Dominick Fuel team to our growing business. Their Connecticut roots are a great addition to our operations based on a ‘local people and local service’ philosophy.” Michael continues, “We’re grateful to the financial experts at Cetane Associates for their professional and thoughtful guidance through this successful acquisition.”
Jeff Brunner, Director at Cetane Associates, commented, “It was a pleasure working with the Dominick family throughout this transaction. We, at Cetane, are honored to have worked with them and congratulate shareholders Joe, Sandra, and Randy Dominick on completing the successful sale to HOP Energy.”
Cetane served as the sole arranger and financial advisor to Dominick Fuel. 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 Jeff Brunner, Fred Lord, Joshua Wolf, and Barrett Conway.
About Cetane Associates LLC
Cetane is a leading provider of financial advisory services to business owners 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 warmt98.sg-host.com.