Acquisition Announcement: Superior Fuel
KENT, Conn. – February 17, 2022 – Cetane Associates LLC is pleased to announce that F. F. Hitchcock Oil Co., LLC of Cheshire, Conn. has acquired Roberts Energy, LLC’s residential heating oil delivery business, marketed under the trade name Superior Fuel (along with its companion brand Amodeo Fuel) based in Waterbury, Conn. The transaction closed on January 10, 2022.
Superior Fuel, founded in 1947 by Salvatore Lantieri, provides heating oil delivery and HVAC installation and maintenance services to its Connecticut customers. In 2018, its second-generation owners divested the fuels delivery division to Roberts Energy. Frank Roberts, President of Roberts Energy, commented, “Superior Fuel has a long history and earned trust in the community as a home comfort provider. We are glad to have completed this successful transaction with F. F. Hitchcock Oil, who will offer Superior Fuel customers outstanding service. Our thanks go to Cetane Associates for their guidance and professionalism throughout the transaction process.”
F. Hitchcock Oil is a family-owned and operated business serving residential, industrial, and commercial customers throughout the west-central Connecticut region. Their multi-division operation includes heating oil and propane delivery, as well as comprehensive HVAC services. President George Bowman stated, “We are pleased to bring Superior Oil into the F. F. Hitchcock Oil family business. It is a welcome addition to our operation. The assistance from the expert Cetane team on this transaction was very much appreciated.”
Fred Lord, Director at Cetane Associates, said, “It was a pleasure to once again work with Roberts Energy and their brand Superior Fuel throughout this transaction. We, at Cetane, are honored to have worked with them and congratulate them on completing the successful sale to F. F. Hitchcock Oil.”
Cetane served as the sole arranger and financial advisor to Superior 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 was managed by team members Fred Lord, Steve Abbate, and Barrett Conway.