Aquisition Announcement: Horan Oil Corporation
NEW MILFORD, Conn. – July 18, 2023 – Cetane Associates (“Cetane”) is pleased to announce that MacFarlane Energy, Inc (“MacFarlane Energy”), a Massachusetts corporation, has acquired certain tangible and intangible assets of the full-service heating fuels business of Horan Oil Corporation (“Horan Oil”), a corporation based in Stoughton, Mass. The transaction closed on June 28, 2023.
A family-owned business established in 1936 by William T. Horan and his sons Edward and Leo, Horan Oil’s first successes were inspired by the popular conversion from coal and wood to clean oil heat. By the 1960s Edward’s sons had joined the business and in 1988 James (“Jim”) M. Horan took the lead, expanded the customer base, and added HVAC installation and service to Horan Oil’s offerings. With a commitment to providing the best customer experience possible, the company continued to expand and upgrade its facilities, and introduced fuel additives to further enhance the reliability and efficiency of the customers’ heating systems.” Today Horan Oil serves residential and commercial customers in Norfolk, Bristol, Plymouth, and Middlesex counties. Horan Oil CEO Jim Horan comments, “We’re happy to have our family legacy carried on by our trusted colleagues and friends at MacFarlane Energy. Their dedication to serving customers matches what we consistently strive for at Horan.” He also states, “We are especially grateful to the Cetane team for their steady, professional, and expert guidance throughout the transaction. They really made this process a success.”
MacFarlane Energy is also a family-owned and -operated business. Founded in 1946 by Peter MacFarlane, the business has experienced continuous growth since its inception. After Peter’s passing in 1987, his son Scott D. MacFarlane took the reins and led the company to new levels of performance every decade with an emphasis on supporting the communities they serve and the energy industry. President Scott MacFarlane says, “We are pleased and honored to continue Horan Oil’s great record of excellent customer service and welcome their team members to the MacFarlane family.”
Barrett Conway, Managing Director of Cetane Associates, commented, “Our thanks to Jim and the Horan Oil team for being so great to work with and for choosing Cetane to represent them in this significant transaction. I wish Jim and his family the best of everything in their next chapter.”
Cetane Associates served as the sole arranger and financial advisor to Horan Oil. 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. Team members Jeff Brunner, Fred Lord, Dalton Brooks, and Duncan McMurchie managed the transaction.