Acquisition Announcement: Miller’s Gas & Oil Service’s Propane Business
KENT, Conn. – June 29, 2021 – Cetane Associates LLC is pleased to announce that Koppy’s Propane, Inc., Pa. has acquired the propane assets related to Miller’s Gas & Oil Service, Inc., a full-service heating fuels delivery business located in central Pennsylvania. The transaction closed on June 15, 2021.
With its roots in Shamokin, Pa. since 1928, Miller’s Gas & Oil grew from a gas station with weigh scales and a restaurant to a propane, distillates, and HVAC business originally under the direction of its founders Frank J. Miller and Vera Miller and later, after Frank’s sudden passing in 1969, under their son William’s leadership. By 1983, William R. Miller, Jr. (Bill), William’s son, joined the business and quickly made a positive impact on the business including starting the company’s profitable propane division. The company is well known for providing quality products and dependable service to homes and businesses throughout Northumberland and surrounding counties. Owner Bill Miller is retaining the gas station, heating oil and related HVAC operations and assets of the business. Bill remarked, “Miller’s has been dedicated to making central Pennsylvania homes more energy-efficient and comfortable year-round. We are pleased to have completed this successful transaction with Koppy’s Propane who will continue bringing Miller’s propane customers the service they count on. The experts at Cetane Associates did a great job to skillfully take us through the steps needed. We appreciate their professional guidance through every phase of the process.”
From their origins in 1944, Koppy’s Propane has been serving its propane customers and neighbors in Pennsylvania. Since their 1989 move to Williamstown, Pa. they have experienced tremendous growth, making several acquisitions and adding multiple storage facilities to become one of the largest independent, family-owned propane suppliers in the state. Koppy’s Propane President Kara Tucker stated, “We are delighted to bring Miller’s propane division into the Koppy’s Propane family. Their well-known local reputation and loyal customers are welcome additions to our operation. It is of the utmost importance to us to take care of their customers for many years to come. Thanks go to the great team at Cetane Associates for their assistance through this process.”
Jeff Brunner, Director at Cetane Associates, commented, “It was a pleasure working with Bill Miller throughout this transaction. We, at Cetane, are honored to have worked with him and congratulate Miller’s Gas & Oil on completing the successful sale of its propane assets to Koppy’s Propane.”
Cetane served as the sole arranger and financial advisor to Miller’s Gas & Oil Service. 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 Jeff Brunner and Barrett Conway.
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.