Press Releases

KENT, Conn. – February 2, 2021 – Cetane Associates LLC announces that Nancy Coop has been promoted to Director of Marketing and is heading up the financial advisory firm’s marketing activities. For the past year, Nancy has worked as a consultant supporting Cetane Associates’ business development efforts and industry relationships. She contributes more than 15 years of experience in the propane industry including serving as a  business development executive at Ferrellgas and as president and owner of Jarco, the bobtail manufacturing company. Her industry advocacy is highlighted by her role as the founding chair of the NPGA Women in Propane Council and having been named to the 2020 LPGas Hall of Fame.

Steve Abbate, Managing Director and Principal of Cetane, commented “We are thrilled to have Nancy step in as our marketing director. It became evident that Nancy had a natural talent in marketing and her knowledge of business development, the propane and heating oil industries, and her involvement in industry associations made her an ideal choice to lead the marketing efforts for our growing company. Her nationwide industry reach is a key factor in helping our business to serve clients coast-to-coast.”

 

About Cetane Associates LLC

Cetane is a leading provider of financial advisory services to business owners in the retail energy distribution industry. Clients engage Cetane to advise on sales, spin-offs, and acquisitions, as well as perform valuation and ad hoc corporate finance assignments. For more information, please visit www.cetane.net.
 


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We were very pleased to have such a knowledgeable and experienced company in our corner with the team at Cetane. It was obvious that they knew the best process and how to get the ball over the goal line. Their advice throughout the process was greatly appreciated and we thoroughly enjoyed working with them.

— Steve Lombardi, Brodeur’s Oil, Moosup, CT
Press Releases

KENT, Conn. – January 19, 2021 – Cetane Associates LLC is pleased to announce that Sail Energy, LLC of Portsmouth, N.H. has acquired Roberts Energy, LLC’s residential heating oil delivery business, marketed under the trade name Martini’s Oil, based in Johnston, R.I.  The transaction closed on January 11, 2021.

Delivering warmth and reliability to Rhode Island since 1972, Martini’s Oil serves both residential and light commercial customers. Roberts Energy acquired the central Rhode Island business in April 2019. Frank Roberts, President of Roberts Energy, remarked, “Martini’s has developed trust in the community as the go-to home comfort provider. We are glad to have completed this successful transaction with Sail Energy, who will offer the Martini Oil customers HVAC services and carry on the outstanding delivery service our customers count on. We truly appreciate the professional guidance and skill that Cetane Associates brought to the table. They did a great job and made it easy.”

Since 2014, Sail Energy has operated in the energy distribution market, growing its market through targeted acquisitions and integrated roll-ups. Sail Energy now serves customers in four New England states and New York. Dennis O’Brien, President and Chief Executive Officer of Sail Energy, stated, “We are pleased to bring Martini’s Oil into the Sail Energy group. Their well-known local reputation and loyal customers in Rhode Island are welcome additions to our Vaughn Oil operation. Thanks go to  John Tolan as Sail’s project lead in the acquisition and the good folks at Cetane Associates for their assistance through  this process.”

Fred Lord, Director at Cetane Associates, commented, “It was a pleasure working with Roberts Energy throughout this transaction. We, at Cetane, are honored to have worked with them and congratulate them on completing the successful sale to Sail Energy.”

Cetane served as the sole arranger and financial advisor to Roberts 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. The transaction was managed by team members Fred Lord and Barrett Conway.

 About Cetane Associates LLC

Cetane is a leading provider of financial advisory services to business owners in the retail energy distribution industry. Clients engage Cetane to advise on sales, spin-offs, and acquisitions, as well as perform valuation and ad hoc corporate finance assignments. For more information, please visit www.cetane.net.


Current Business Listings

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Completed Transactions

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We were very pleased to have such a knowledgeable and experienced company in our corner with the team at Cetane. It was obvious that they knew the best process and how to get the ball over the goal line. Their advice throughout the process was greatly appreciated and we thoroughly enjoyed working with them.

— Steve Lombardi, Brodeur’s Oil, Moosup, CT
Press Releases

KENT, Conn. – December 15, 2020 – Cetane Associates LLC (“Cetane”) is pleased to announce that Paraco Gas Corporation (“Paraco”) of Rye Brook, N.Y. has acquired the full-service propane delivery business of Advantage Propane LLC (“Advantage Propane” or the “Company”) of Califon, N.J. The transaction closed on December 4, 2020.

Founded in 2012 by Steven Congiusta and Douglas Tascarella, Advantage Propane sells and delivers propane to residential, commercial and agricultural customers in New Jersey and Pennsylvania from its Califon, N.J. facility, which includes a 30,000-gallon propane bulk plant. Co-founders Steve and Doug have extensive histories of working in the propane industry for various businesses. During this time, they discussed their mutual interest in establishing an entrepreneurial endeavor, which led to their decision to launch the Company. Their tremendous industry experience and local relationships helped them build Advantage Propane into the thriving and successful business it is today.

Paraco is one of the largest privately-held propane marketers in the U.S., providing propane services to over 120,000 customers, primarily in the Northeast region. Joe Armentano is Chief Executive of Paraco whose story began in 1968 when Joe’s father Pat Armentano founded an industrial gas company out of a garage in Mount Vernon, NY. By 1979, Pat purchased a small propane and oil marketer called Paraco Fuel Corp. and the flourishing legacy was established. Today more than 400 Paraco employees provide service excellence from its now 28 distribution locations.

Steve Congiusta, co-owner of Advantage Propane, commented, “We are very pleased that our organization will become a part of Paraco’s great business operation. We made it to the finish line in great shape thanks to the outstanding team we had at Cetane Associates. Doug and I chose the best team in the industry to represent us and we couldn’t be happier.” Co-owner Doug Tascarella remarked, “Creating a win/win was always the goal. Working through the process with the pros at Cetane made me wonder how anyone would attempt a transaction without them.”

Christina Armentano, Paraco’s Executive Vice President, and third generation with the company, stated that “Steve and Doug originated and built a successful business, and we appreciate and celebrate their choice of Paraco to continue bringing superior service to their customers. We are excited to welcome the Advantage Propane employees into the Paraco family.”

Jeff Brunner, Director of Cetane and transaction leader, commented, “I am happy for Steve and Doug to have completed this successful transaction. For a long while, I’ve known them both and was honored to work with them in this significant transition in their careers. Their business acumen and deep propane experience served them well in creating a valuable company at Advantage. It was a pleasure to work with them throughout the transaction.”

Cetane served as the sole arranger and financial advisor to Advantage Propane. 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. The transaction was managed by team members Jeff Brunner, Steve Abbate, and Fred Lord.

About Cetane Associates LLC

Cetane is a leading provider of financial advisory services to business owners in the retail energy distribution industry. Clients engage Cetane to advise on sales, spin-offs, and acquisitions, as well as perform valuation and ad hoc corporate finance assignments. For more information, please visit www.cetane.net.


Current Business Listings

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Completed Transactions

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We were very pleased to have such a knowledgeable and experienced company in our corner with the team at Cetane. It was obvious that they knew the best process and how to get the ball over the goal line. Their advice throughout the process was greatly appreciated and we thoroughly enjoyed working with them.

— Steve Lombardi, Brodeur’s Oil, Moosup, CT
Press Releases

KENT, Conn. – November 10, 2020 – Cetane Associates LLC (“Cetane”) is pleased to announce that Casey Fuel Oil, Inc. (“Casey Energy”) of Ridgefield, Conn. has acquired the fuel business of Marandola Fuel Service, LLC (“Marandola Fuel” or the “Company”) of New Milford, Conn. The transaction closed on October 30, 2020.

Established in 1995, Marandola Fuel sells and delivers heating oil to residential customers in and around Litchfield County, Conn. The Company also performs maintenance and installation of oil-fueled heating equipment. Robert “Bob” Marandola  commented: “When I started the business I would deliver during the day and drive to Casey Energy in the evenings to refuel.  They helped me get into the business and were always there for me, especially in the early years. It really has come full circle and I could not be happier for my employees, my customers and my family.  Keeping our name and our office open and even keeping Sparky, our logo, was a plus for me.  Shane and his team were the perfect fit and the advice and guidance we received from the team at Cetane Associates was invaluable. We began the process a few years ago by meeting with Steve Abbate, and they did a great job walking us through every step.  They were very accurate on their projections and brought in half a dozen qualified offers. They did a great job.”

Casey Energy, founded in 1949 by William “Bill” Casey, is a family-owned and -operated business for three generations, headed today by Bill’s grandson Shane Casey. Serving Connecticut’s northern Fairfield and northern Westchester counties, Casey Energy is a full- service heating oil, propane, and HVAC provider.

Shane Casey, President of Casey Energy, stated that “Bob Marandola built a successful business and we could not be more pleased to have his company join with ours.  It’s a great propane market and we are looking forward to our expansion into Litchfield county.  Thanks go out to Cetane Associates who helped coordinate the sale and closing.”

Steve Abbate, Managing Director of Cetane, commented, “This one was special for us. Marandola Fuel services our corporate office as well as a B&B my wife and I own. Bob is my “Oil Guy” and I have always been proud to say that. Bob and his company exemplify everything great in our industry. He worked for another company, went out on his own with a truck, knocked on doors, became involved in and supported his community and built a terrific company. He created well-paying jobs for his employees and made a great name for himself and for our industry. To me, this is the heart of what we do as an industry and I am thrilled to have been a part of Bob’s exit strategy. Having known Shane Casey and his management team for many years, I am now happy and proud to tell people that Shane is my ‘Oil Guy’.”

Cetane served as the sole arranger and financial advisor to Marandola Fuel. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in negotiation of the final deal terms, and coordinating the due diligence process. The transaction was managed by team members Steve Abbate and Jeff Brunner.

About Cetane Associates LLC

Cetane is a leading provider of financial advisory services to business owners in the retail energy distribution industry. Clients engage Cetane to advise on sales, spin-offs, and acquisitions, as well as perform valuation and ad hoc corporate finance assignments. For more information, please visit www.cetane.net.


Current Business Listings

View All

Completed Transactions

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We were very pleased to have such a knowledgeable and experienced company in our corner with the team at Cetane. It was obvious that they knew the best process and how to get the ball over the goal line. Their advice throughout the process was greatly appreciated and we thoroughly enjoyed working with them.

— Steve Lombardi, Brodeur’s Oil, Moosup, CT
Press Releases

KENT, Conn. – November 5, 2020 – Cetane Associates LLC (“Cetane”) is pleased to announce that Dead River Company (“Dead River”) of South Portland, Maine has acquired the heating oil, propane, and service business of Fortier & Son, Inc. (“Fortier & Son” or the “Company”) of Somersworth, N.H. The transaction closed on October 27, 2020.

Established in 1950, Fortier & Son sells and delivers propane and heating oil to residential customers from its New Hampshire facility, which includes a 78,000-gallon propane bulk plant. Their service department performs heating and cooling equipment installation and repair services.  Robert “Bob” Fortier, the son of the founder Robert W. Fortier, joined the business in 1976, and became the owner in 2004, upon Robert’s retirement.  Bob viewed propane as the next step in the Company’s expansion, and today the Company continues as a full-service heating fuel dealer in a highly focused delivery area.

Dead River Company, founded in 1909 by Charles Hutchins, had its roots in the forest products industry.  In 1936, Dead River entered into the petroleum business and has since grown to be the largest, full-service home heating provider in northern New England. Dead River is a family-owned company, with deep roots in the communities that it serves. By operating locally managed offices throughout Maine, New Hampshire, Vermont, and Massachusetts, it maintains the values of a family-owned business.

Bob Fortier, owner and President of Fortier & Son, commented, “We are very pleased that our organization will become a part of Dead River Company. Their local presence is a positive for our customers and a great fit for our employees. I appreciate their family-owned culture.” He also stated, “I can’t thank Cetane enough for all they’ve done for me throughout the transaction. I really couldn’t have done this without the help of the expert and thoughtful team at Cetane.”

Deanna Sherman, Dead River Company President and Chief Executive Officer, stated that “Bob Fortier built a successful business, and we are honored that he chose Dead River Company to continue to care for his customers. We appreciate that the Fortier & Son employees will be joining our team and look forward to helping them feel right at home at Dead River Company.  We plan to carry on the legacy established by Fortier & Son in the local community.”

Jeff Brunner, Director of Cetane and transaction leader, commented, “I am happy for Bob Fortier and his family to have completed this successful transaction. Bob’s seventy-year-old family company has been managed with a keen focus on their employees, their customers, and their community. Working with Bob was a pleasure from the start to a great completion.”

Cetane served as the sole arranger and financial advisor to Fortier & Son.  Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in negotiation of the final deal terms, and coordinating the due diligence process. The transaction was managed by team members Jeff Brunner, Joshua Wolf, Fred Lord, and Barrett Conway.

About Cetane Associates LLC

Cetane is a leading provider of financial advisory services to business owners in the retail energy distribution industry. Clients engage Cetane to advise on sales, spin-offs, and acquisitions, as well as perform valuation and ad hoc corporate finance assignments. For more information, please visit www.cetane.net.


Current Business Listings

View All

Completed Transactions

View All

We were very pleased to have such a knowledgeable and experienced company in our corner with the team at Cetane. It was obvious that they knew the best process and how to get the ball over the goal line. Their advice throughout the process was greatly appreciated and we thoroughly enjoyed working with them.

— Steve Lombardi, Brodeur’s Oil, Moosup, CT