Acquisition Announcement: Sperr’s Fuel & Heating Co.
NEW MILFORD, Conn. – August 15, 2023 – Cetane Associates (“Cetane”) is pleased to announce that American Lease, Inc. (“American Lease”), a Delaware corporation, has acquired certain tangible and intangible assets related to the residential distillates delivery and service business of Sperr’s Fuel & Heating Co. (“Sperr’s Fuel”), a corporation based in Glen Mills, Pa. The transaction closed on June 28, 2023.
A family-owned business founded in 1983 by John L. Sperratore, Jr., Sperr’s Fuel grew first by word of mouth and from new accounts developed through LIHEAP. After 35 years John wanted to retire, coinciding with his son Mark and daughter-in-law Laura stepping into manage the business. By 2018, Mark and Laura became owners who made updates to the company’s website and digital marketing, relocated their facility, and hired new employees. Sperr’s Fuel co-owner Mark Sperratore comments, “We’re really pleased to have American Lease carry on the residential business our family built.” And, co-owner Laura Sperratore states, “We are truly grateful to the Cetane team for taking us through this transaction with such care and expertise.”
American Lease is the fleet arm of American Energy Supply, led by President Kristen Baiocco. The business has a history that dates back to the 1970s when Kristen’s father Russell J. Baiocco established a reliable fuel supply for construction projects. Today, the business is certified with The Women’s Enterprise National Council as a business owned and operated by two women, Kristen Baiocco and Maria Baiocco. Kristen says, “We are very happy to continue the strong record of excellent customer service at Sperr’s Fuel and welcome their team members and their loyal residential customers to the American Lease family.”
Doug Woosnam, a Director at Cetane Associates, commented, “Our thanks to Mark and Laura for working in concert with our team. I congratulate them on this milestone and wish them the best with all their future plans.”
Cetane Associates served as the sole arranger and financial advisor to Sperr’s Fuel. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in the negotiation of final deal terms, and coordination of the due diligence process. The transaction included severing the residential and commercial divisions of Sperr’s Fuel (Sperr’s Commercial Fuels is the remaining business entity). Team members Doug Woosnam, Barrett Conway, Trey Brasseaux, and Dalton Brooks managed the transaction.