Acquisition Announcement: Marandola Fuel Service, LLC
KENT, Conn. – November 10, 2020 – Cetane Associates LLC (“Cetane”) is pleased to announce that Casey Fuel Oil, Inc. (“Casey Energy”) of Ridgefield, Conn. has acquired the fuel business of Marandola Fuel Service, LLC (“Marandola Fuel” or the “Company”) of New Milford, Conn. The transaction closed on October 30, 2020.
Established in 1995, Marandola Fuel sells and delivers heating oil to residential customers in and around Litchfield County, Conn. The Company also performs maintenance and installation of oil-fueled heating equipment. Robert “Bob” Marandola commented: “When I started the business I would deliver during the day and drive to Casey Energy in the evenings to refuel. They helped me get into the business and were always there for me, especially in the early years. It really has come full circle and I could not be happier for my employees, my customers and my family. Keeping our name and our office open and even keeping Sparky, our logo, was a plus for me. Shane and his team were the perfect fit and the advice and guidance we received from the team at Cetane Associates was invaluable. We began the process a few years ago by meeting with Steve Abbate, and they did a great job walking us through every step. They were very accurate on their projections and brought in half a dozen qualified offers. They did a great job.”
Casey Energy, founded in 1949 by William “Bill” Casey, is a family-owned and -operated business for three generations, headed today by Bill’s grandson Shane Casey. Serving Connecticut’s northern Fairfield and northern Westchester counties, Casey Energy is a full- service heating oil, propane, and HVAC provider.
Shane Casey, President of Casey Energy, stated that “Bob Marandola built a successful business and we could not be more pleased to have his company join with ours. It’s a great propane market and we are looking forward to our expansion into Litchfield county. Thanks go out to Cetane Associates who helped coordinate the sale and closing.”
Steve Abbate, Managing Director of Cetane, commented, “This one was special for us. Marandola Fuel services our corporate office as well as a B&B my wife and I own. Bob is my “Oil Guy” and I have always been proud to say that. Bob and his company exemplify everything great in our industry. He worked for another company, went out on his own with a truck, knocked on doors, became involved in and supported his community and built a terrific company. He created well-paying jobs for his employees and made a great name for himself and for our industry. To me, this is the heart of what we do as an industry and I am thrilled to have been a part of Bob’s exit strategy. Having known Shane Casey and his management team for many years, I am now happy and proud to tell people that Shane is my ‘Oil Guy’.”
Cetane served as the sole arranger and financial advisor to Marandola Fuel. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in negotiation of the final deal terms, and coordinating the due diligence process. The transaction was managed by team members Steve Abbate and Jeff Brunner.
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 www.cetane.net.