NEW MILFORD, Conn. – February 13, 2024 – Cetane Associates (“Cetane”) is pleased to announce that Dead River Company has acquired Bourne’s, Inc. (“Bourne’s Energy”), a full-service propane, heating fuels, and pellets delivery business located in Morrisville, Vt. The transaction was completed on February 1, 2024.
Bourne’s Energy has a rich family history in the delivered fuels business. Established in 1947 by Robert and Julie Bourne in Morristown, Vermont, the business initially operated as a modest heating oil delivery service. Over the years, the business grew and evolved under Bob’s leadership, expanding its services to include repair work in the 1960s. In 1973, Bob’s son, Peter Bourne, joined the company, eventually taking ownership in 1988. Mike Bourne, Peter’s brother, became part owner in the 1990s, and the company would begin propane delivery operations in 1994. Bourne’s Energy has continued to grow, acquiring and integrating various businesses and diversifying its product range to include biodiesel, propane autogas, and wood pellets. They have remained committed to environmental sustainability, offering the region’s greenest and most environmentally friendly fuel and equipment options. Peter’s son, Levi, has since become the company president and continues the company’s tradition of giving back to the communities served and fostering a “whatever it takes mentality” among its employees. Bourne’s Energy now serves over 12,000 customers across Vermont. Owner Peter Bourne said, “We are so pleased our family legacy will continue on at Dead River Company. Their commitment to their customers and employees matches ours.” He continued, “A special thanks to the team at Cetane for their guidance during the transaction. They were instrumental in making this process a resounding success!”
Founded in 1909 by Charles Hutchins, Dead River Company had its roots in the forest products industry. They entered the petroleum business in 1936 and have 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, Dead River Company maintains deep roots in the communities that it serves. Casey Cramton, President and Chief Executive Officer, remarked, “We are delighted that Peter Bourne has chosen Dead River Company to continue caring for his customers and employees at Bourne’s Energy. Our shared values will ensure that everyone continues to feel right at home.”
Tamera Kovacs, Director at Cetane Associates, commented, “Thank you to Peter and his team at Bourne’s Energy for choosing Cetane to represent them. They were a pleasure to work with, and we couldn’t be happier for them. Wishing them all the best in their next chapter.”
Cetane served as the sole arranger to Bourne’s Energy. 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 Tamera Kovacs, Barrett Conway, Fred Lord, Dalton Brooks, and Trey Brasseaux managed the transaction.