Acquisition Announcement: Dowling Fuel Co.
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 Dowling Fuel Co. (“Dowling”) based in Ridgefield Park, New Jersey.
Dowling Fuel is a home comfort business that delivers heating oil and HVAC services to customers in Bergen, Passaic, Hudson and Essex Counties of New Jersey. The Company markets its products and service under the trade names Dowling and Discount Plus.
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. HOP serves a diverse customer base of residential, commercial and light industrial customers, and has a network of 12 strategically located bulk plants providing HOP with roughly 8.4 million gallons of storage capacity. HOP also provides comprehensive HVAC installation and related services.
Ernest Behrens Jr, president and owner of Dowling, commented “We are so pleased with the sale process. Josh and Steve at Cetane Associates delivered a successful outcome in a most professional manner. They both really know their market.”
Michael Anton, chief executive officer of HOP, stated “We are very excited that Ernie chose HOP to be Dowling’s new owner. Dowling’s business should complement our Metro Energy location in Ridgefield extremely well.”
Cetane Associates, LLC served as the sole arranger and financial advisor to Dowling. 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 Joshua Wolf and Steve Abbate.
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.