Acquisition Announcement: Heaps Oil Company
KENT, Conn. – November 3, 2022 – Cetane Associates LLC (Cetane) is pleased to announce that Tevis Energy, Inc. (Tevis Energy), a Maryland corporation, has acquired certain assets related to the operations of Heaps Oil Company, Inc. (Heaps Oil) a full-service distillates delivery business located in Whiteford, Md. The transaction closed on October 27, 2022.
Founded in 1904 by Nelson A. Heaps, Heaps Oil has been passed down for four generations. For more than 20 years, R. Scott (Scott) Heaps has served as president of the company and led the Heaps Oil staff to achieve the same quality of excellent service to the community that has been delivered for almost 12 decades. Heaps Oil provides heating oil, diesel, gasoline, and kerosene to its mostly residential Maryland customers. Scott and his father Marshall Heaps before him shared a belief in hiring a dedicated staff who, in turn, helped create the success of the business. In addition to drivers, the company’s staff includes Scott’s wife, Margie Heaps, and Larry Bennington, Heaps Oil’s manager with 52 years of service to the company. Scott commented, “Our strong emphasis on excellence in delivery and service is a great fit with the values of Tevis Energy.” And, Margie and Scott Heaps together stated, “We enjoyed the transaction process with Cetane. Thanks to Barrett, Doug, and the team for their expertise and concern for us. We are so grateful for all of your help.”
Tevis Energy, founded in 1932, is a locally owned fuel and service provider with thousands of residential and commercial customers across Pennsylvania and Maryland. Celebrating its 90th anniversary this year, Tevis Energy looks for like companies who share in their core pillars of “Quality, Integrity, and Response.” Tevis Energy’s Executive Vice President Kyle Price stated, “We’ve known Heaps Oil as a respected competitor with a solid delivery operation and excellent staff for many years. We look forward to welcoming Heaps Oil’s team of employees and being able to offer their customers continued exceptional service.”
Doug Woosnam, Director at Cetane Associates, said, “It was a pleasure working with the Heaps throughout this transaction. We, at Cetane, are honored to have worked with Scott and Margie and congratulate them on completing the successful sale to Tevis Energy.”
Cetane served as the sole arranger and financial advisor to Heaps 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. Team members Doug Woosnam, Barrett Conway, and Tyler Machado managed the transaction.