Acquisition Announcement: Roby’s Propane Gas
NEW MILFORD, Conn. – November 28, 2023 – Cetane Associates (“Cetane”) is pleased to announce that Dead River Company has acquired Roby’s Propane Gas, a propane and distillates delivery business headquartered in West Wareham, Mass. The transaction was completed on November 14, 2023.
Founded over 60 years ago by Waldo and Midge Roby, Roby’s Propane Gas has a longstanding history of providing residential and commercial customers with quality energy products and prompt, responsive service. From the beginning, Waldo Roby insisted that every customer be treated, “like a member of the family”—this attitude has never changed through its growth under the management of the Roby family. Key employee/owners today include Wayne Rutledge, president; the Roby’s son Wally Roby, operations manager; and Joyce Bacchiocchi, comptroller. As a major supplier to local cranberry growers, Roby’s Propane Gas has established itself in the South Coast and Cape Cod regions of Massachusetts. President Wayne Rutledge says, “We’re thrilled for our employees and customers that the Roby’s philosophy and practice of customer service will be carried on by Dead River Company. We built a reputable company and now know it will continue to flourish with Dead River.” Co-owner Joyce Bacchiocchi adds, “Thanks to Cetane for all you did. It was great working with Jeff and Fred. I don’t know how anyone gets through this process without you.”
Dead River Company, founded in 1909 by Charles Hutchins, had its roots in the forest products industry. In 1936, Dead River Company entered the petroleum business and has since grown to be the largest full-service heating provider in northern New England. By operating locally- managed offices throughout Maine, New Hampshire, Vermont, and Massachusetts, it maintains deep roots in the communities that it serves. Casey Cramton, Dead River Company President and Chief Executive Officer, states, “We are honored that co-owners Wayne, Wally and Joyce selected Dead River Company to continue caring for Roby’s Propane Gas customers, employees and communities served. Our aligned values will help ensure that their employees and customers feel right at home.”
Jeff Brunner, Director at Cetane Associates, says, “It was great to work with the owners at Roby’s. They operated, managed and grew an excellent propane company. I wish Wayne, Wally, and Joyce all the best in their next endeavors.”
Cetane served as the sole arranger to Roby’s Propane Gas. 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 Jeff Brunner, Fred Lord, Dalton Brooks, and Duncan McMurchie managed the transaction.