Acquisition Announcement: Phoenix Propane
KENT, CONNECTICUT December 20, 2019 – Cetane Associates LLC is pleased to announce that Connecticut Propane & Petroleum, LLC of Marlborough, Connecticut has acquired the propane distribution business of Phoenix Propane, LLC of Oxford, Connecticut.
Founded in 2010, Phoenix Propane, LLC markets propane and related products to approximately 2,000 residential and commercial customers located within Fairfield, Lower Litchfield, and Western New Haven counties of Connecticut.
Connecticut Propane & Petroleum, LLC is a family owned and operated full-service distributor of propane and provide of HVAC services. With over 50 years of industry experience and well recognized brand, Connecticut Propane & Petroleum uses its extensive delivery vehicle fleet and 300,000-gallon propane storage facility in Marlborough to service propane customers throughout Connecticut.
Cetane Associates, LLC served as the sole arranger and financial advisor to Phoenix Propane, LLC. Cetane advisory services included an initial valuation opinion, marketing the business through a confidential process, aiding in negotiation of the final deal terms, and coordination of the due diligence process. The transaction was managed by team members Steve Abbate and Joshua Wolf.
About Cetane Associates
Cetane Associates, LLC is a leading provider of financial advisory services to owners of businesses 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.
Steve Abbate, +1 860-592-0089