Press Releases

Acquisition Announcement: Quinoco, Inc.

KENT, CONNECTICUT May 21, 2020 – Cetane Associates LLC is pleased to announce that Gault Family Companies in Westport, Connecticut, has acquired the full-service energy business of Quinoco Energy Services in Bristol, Connecticut.

Quinoco, founded in the late-1800s, is a marketer of propane, heating oil, and HVAC services, operating 32 vehicles from three operating locations in the western half of Connecticut.

Gault is a sixth-generation family business founded in 1863, when Lincoln was president. Gault is the oldest family-owned and operated energy company within Fairfield County, Connecticut. Gault Energy is a full-service provider of propane, Bioheat® heating oil and, HVAC services, standby generators, and smart home technology.

Don Phillips, owner and President of Quinoco, commented that “Sue and I couldn’t be happier with our decision. Gault was the best choice for our employees and our customers and that made them the best choice for us. The Gault family has a reputation for excellence in all its pursuits and for developing very positive client and employee relationships. Using Cetane Associates for our sale process exceeded all our expectations. They were there every step of the way right from their initial valuation assessment. Their advice and guidance throughout the process was invaluable. I found the Cetane team to be extremely professional, detail-oriented, with a lot of transaction insight.”

Sam Gault, President and Chief Executive Officer of Gault, remarked that “Quinoco’s customer-centric approach to service and delivery as well as their commitment to employee engagement very much mirrors our own and is why we had an interest in pursuing this opportunity. Don and Sue Phillips have assembled a terrific platform for us to expand Gault’s operating footprint. We intend to continue operating the business as it has been running under the Quinoco brand with the same employees from the same locations. We had a great experience working with Cetane Associates, again, as they know the industry and they presented the information in the formats we needed to properly evaluate the company. It was great to have a knowledgeable intermediary working with the sellers to help them through the process.”

Cetane Associates LLC served as the sole arranger and financial advisor to Quinoco, Inc. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential, formal process, negotiation of the final deal terms, and coordination of the due diligence process. The transaction was managed by team members Steve Abbate, Joshua Wolf, and Fred Lord.

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.

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We were very pleased to have such a knowledgeable and experienced company in our corner with the team at Cetane. It was obvious that they knew the best process and how to get the ball over the goal line. Their advice throughout the process was greatly appreciated and we thoroughly enjoyed working with them.

— Steve Lombardi, Brodeur’s Oil, Moosup, CT