Acquisition Announcement: Harrington Oil
KENT, Conn. – August 17, 2021 – Cetane Associates LLC is pleased to announce that Brideau Energy Corporation, Fitchburg, Mass. has acquired substantially all the operating assets related to Harrington Oil, Inc., a full-service heating oil business located in Holden, Mass. The transaction closed on August 2, 2021.
The three Harrington brothers, Pat, Joe, and Brian [pictured below] learned the ropes of the oil heat industry from their father Joseph Harrington, founder of Holden Heating Company in 1953. (Holden Heating was sold in the 1980s.) In 2010, the brothers started up Harrington Oil and immediately attracted new customers. Harrington Oil sells and delivers heating oil to a predominantly residential customer base and operated a strategically important terminal business. The company also performs the maintenance and installation of heating and cooling equipment. President Pat Harrington comments, “As retirement became closer, we were fortunate to connect with the experts at Cetane Associates who did a terrific job to skillfully guide us through the sales transaction. We appreciate their professional direction through each phase of the process.” He continues to say, “Selling to Brideau is a win for our customers, employees, and the community. Their high standards of customer service will make this transition smooth and successful.”
Founded in 1987 by Mark Brideau, Brideau Energy takes pride in its best-in-class customer service. It’s local, family-owned operation is an ideal fit for the acquisition of Harrington Oil. President Mark Brideau says, “We welcome the good folks at Harrington to the Brideau family and look forward to providing their customers warm winters and friendly, efficient service. We consider ourselves a ‘home comfort’ company and bring that philosophy into all we do.” Mark states, “The acquisition was made through a timely and professional process thanks to the advice and expertise of the Cetane team. We’re grateful for their experience and guidance.”
Fred Lord, Director at Cetane Associates, commented, “It was a pleasure working with the Harringtons throughout this transaction. We, at Cetane, are honored to have worked with them and congratulate Harrington Oil on completing the successful sale of its assets to Brideau Energy.”
Cetane served as the sole arranger and financial advisor to Harrington Oil. 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 Fred Lord and Joshua Wolf.
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.