Acquisition Announcement: H.B. Steele & Son
KENT, Conn. – October 26, 2021 – Cetane Associates LLC is pleased to announce that Tevis Energy, Inc., headquartered in Westminster, Md., has acquired the full-service heating oil delivery business of H.B. Steele & Son, Inc. of Orwigsburg, Pa. The transaction closed on October 1, 2021.
H.B. Steele & Son, a third-generation family-owned business established in 1947, delivers heating oil, diesel fuel, and race fuel to their customers. The company also has a service department and proudly declares its reputation for “Providing Year-Round Comfort.”
Tevis Energy, founded in 1932, is a locally owned heating oil supplier with thousands of customers across Pennsylvania and Maryland. The pillars of their family brand are “Quality, Integrity, Response.” Started by his grandfather, then led by his father, and, after his father’s death, headed by his mother Dorothy Tevis, Stanley (Jack) Tevis III is the current owner of this dependable energy business now celebrating its nearly 90 successful years.
The Steele family (Kevin, Cale, and Pamela) is glad to achieve this successful transition. “Selling to Tevis Energy was the perfect fit for our company, 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,” commented Pamela Steele. She continued to add, “the team at Cetane Associates did a fantastic job at assisting us to make the necessary decisions in arranging and helping close the sale to Tevis Energy.”
Tevis Energy’s Executive Vice President Bruce Spiridonoff stated, “We’ve known H.B. Steele as a respected competitor for many years. We knew they ran a solid delivery operation and treated their employees and customers very well, so we were glad to receive an invitation to submit an offer for this business. We look forward to welcoming H.B. Steele & Son’s team of employees and being able to offer their customers our residential oil and commercial fuel services.”
Doug Woosnam, Director of Cetane, stated, “We congratulate the Steele family and their team members at H.B. Steele & Son on a successful transition. The group at Cetane Associates applauds completion of the acquisition and the fortunate, all-around fit good with Tevis Energy. It’s a win-win for both businesses.”
Cetane served as the sole arranger and financial advisor to H.B. Steele & Son. 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 Doug Woosnam and Fred Lord.