Press Releases

NEW MILFORD, Conn. – January 17, 2023 – Cetane Associates LLC (Cetane) is pleased to announce that the Ciardelli Fuel Company, Inc. (Ciardelli Fuel), a New Hampshire corporation, has acquired the business assets related to the operations of A. W. Peters, Inc. (A. W. Peters), a full-service delivered fuels business located in Peterborough, New Hampshire. The transaction closed on January 9, 2023.

Founded in 1942 by Ashford “Ash” Peters, A. W. Peters has been passed down for three generations. After 33 years of running his heating oil delivery business, Ash retired and welcomed his son Stan Peters to step in as president. By 1977, Stan’skids, Kerry, Wendy, and Jeff, had joined the company. Jeff was named President in 1989. For more than 30 years, A. W. Peters has had steady growth through four acquisitions and the building of a state-of-the-art bulk plant. The A. W. Peters team takes pride in providing carefree home heating to its loyal customers—their motto is “we make WARM friends.” They built their reputation with dedicated service, installation, and delivery staff. President Jeff Peters commented, “Our strong emphasis on excellence in delivery and service is a great fit with the values of family-run Ciardelli Fuel.” And, he added, “We appreciate the experts at Cetane. They have a great process and do a great job. We had worked with them before—my siblings and I couldn’t be happier—they created a very successful outcome once again.”

Ciardelli Fuel is also a third-generation business. Founded by two Ciardellis, Ernest “Babe” and his nephew Albert Eugene “Chick,” in 1957, the two grew the business for decades and enticed more family members to join their successful endeavor. Today the majority of the responsibility is in the hands of third-generation brothers Matthew “Matt” and Andrew Ciardelli. They carry on the legacy of keeping families warm in their ever-expanding community. Ciardelli Fuel president Matt Ciardelli stated, “We’ve known A. W. Peters as reliable service providers and a solid delivery operation for many years. We look forward to welcoming A. W. Peters’ team of employees and being able to offer their customers continued exceptional service.”

Barrett Conway, Managing Director at Cetane Associates, said, “It was a pleasure working with Jeff throughout this transaction. It was an honor for our team to have worked with the Peters family again and congratulate them on completing the successful sale to Ciardelli Fuel.”

Cetane served as the sole arranger and financial advisor to A. W. Peters. 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 Barrett Conway, Fred Lord, and Tyler Machado managed the transaction.


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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

NEW MILFORD, Conn. – January 5, 2023 – Cetane Associates LLC is pleased to announce that Duncan McMurchie has joined its financial advisory firm as an Associate, effective January 1, 2023. Duncan provides analytical support to the firm’s M&A deal execution team. He will work remotely from his home office in Dallas, Texas.

Before joining Cetane Associates, Duncan worked in public accounting at Turner, Stone & Company, LLP in Dallas, where he assisted with the firm’s audit practice.

Duncan McMurchie holds a bachelor’s degree in Economics from Texas A&M University and a master’s degree in Accounting from Texas A&M University—Commerce.

Barrett Conway, Managing Director at Cetane, commented, “We are very happy to have Duncan join our team. Duncan’s accounting and audit skill sets will add to the strength of our company as we continue to expand our services throughout the retail propane and delivered fuels industries. His specific background and experience will enhance our value to our clients.”


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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 15, 2022 – Cetane Associates LLC announces being named to the “Top 10 Mergers and Acquisitions Consulting Firms 2022” in Financial Services Review’s (FSR) annual edition on M&A advisory firms. FSR will feature a profile of Cetane in the magazine’s December issue.

Cetane’s founder Steve Abbate commented, “From the beginning, our goals have been to find the right buyer for our clients’ businesses in order to maximize value, take care of their employees, and continue to provide great service to their customers. By keeping with these principles, we have been able to grow our business, expand our company nationally, and diversify into various home service industries. This recognition is a reflection of our team’s dedication to the original goals.”

Team member Barrett Conway says, “Since I joined Cetane, I’ve participated in more than 70 transactions as part of a dynamic team that has become the Gold Standard in our market. The culture and team that Steve has built is magnificent, and it is incredibly rewarding helping our clients through this big life event. I’m proud of what Cetane has accomplished and thankful for the many clients who have trusted us to get the job done.”

Financial Services Review is an industry-leading print and digital magazine reaching over 97,000 subscribers, composed of a wide range of senior financial executives. It is a resource for senior-level officials and decision-makers to learn and share their experiences with products/services, techniques, and financial trends following a unique peer learning approach. Article Link


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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 3, 2022 – Cetane Associates LLC (Cetane) is pleased to announce that Tevis Energy, Inc. (Tevis Energy), a Maryland corporation, has acquired certain assets related to the operations of Heaps Oil Company, Inc. (Heaps Oil) a full-service distillates delivery business located in Whiteford, Md. The transaction closed on October 27, 2022.

Founded in 1904 by Nelson A. Heaps, Heaps Oil has been passed down for four generations. For more than 20 years, R. Scott (Scott) Heaps has served as president of the company and led the Heaps Oil staff to achieve the same quality of excellent service to the community that has been delivered for almost 12 decades. Heaps Oil provides heating oil, diesel, gasoline, and kerosene to its mostly residential Maryland customers. Scott and his father Marshall Heaps before him shared a belief in hiring a dedicated staff who, in turn, helped create the success of the business. In addition to drivers, the company’s staff includes Scott’s wife, Margie Heaps, and Larry Bennington, Heaps Oil’s manager with 52 years of service to the company. Scott commented, “Our strong emphasis on excellence in delivery and service is a great fit with the values of Tevis Energy.” And, Margie and Scott Heaps together stated, “We enjoyed the transaction process with Cetane. Thanks to Barrett, Doug, and the team for their expertise and concern for us. We are so grateful for all of your help.”

Tevis Energy, founded in 1932, is a locally owned fuel and service provider with thousands of residential and commercial customers across Pennsylvania and Maryland. Celebrating its 90th anniversary this year, Tevis Energy looks for like companies who share in their core pillars of “Quality, Integrity, and Response.” Tevis Energy’s Executive Vice President Kyle Price stated, “We’ve known Heaps Oil as a respected competitor with a solid delivery operation and excellent staff for many years. We look forward to welcoming Heaps Oil’s team of employees and being able to offer their customers continued exceptional service.”

Doug Woosnam, Director at Cetane Associates, said, “It was a pleasure working with the Heaps throughout this transaction. We, at Cetane, are honored to have worked with Scott and Margie and congratulate them on completing the successful sale to Tevis Energy.”

Cetane served as the sole arranger and financial advisor to Heaps Oil. 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 Doug Woosnam, Barrett Conway, and Tyler Machado managed the transaction.


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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. – October 27, 2022 – Cetane Associates LLC (“Cetane”) is pleased to announce that Dead River Company, of South Portland, Maine, has acquired the full service propane and heating oil delivery business and HVAC business of Charlie Burnham Energy & Heating Service, based in Freeport, Maine. The transaction closed on October 12, 2022.

HVAC industry experts Charlie Burnham and George Gyorgy founded Charlie Burnham Heating Service in 1991. During the early years, customer referrals led to a strong base of business. In 2009, Jim Enrico joined the company and the implementation of software and technological innovations helped them to signficantly scale their business. The three partners established the delivered fuels side of the business in 2013. The premier home comfort provider continues its exceptional service to the southern Maine market through growth driven by the reliable expertise of its long-term, experienced employees and its stellar reputation.

Co-founder Charlie Burnham stated, “For more than 31 years, our company’s team has been serving our Southern Maine neighbors. Our factory-trained and manufacturer-certified technicians are experienced veterans. We believe our Charlie Burnham brand has strong synergies with Dead River Company’s values. And, we’re proud to see our dedicated work carry forward in the great hands of Dead River.” He also expressed, “Our transaction went smoothly thanks to working with the professional team at Cetane Associates. The Cetane team ensured all aspects of the deal were accurately and thoroughly accomplished. We appreciated their knowledgeable and friendly ways throughout the transaction.”

Dead River Company, founded in 1909 by Charles Hutchins, had its roots in the forest products industry. In 1936, Dead River entered the petroleum business and has since grown to be the largest full-service home heating provider in northern New England. By operating locally managed offices throughout Maine, New Hampshire, Vermont, and Massachusetts, it maintains deep roots in the communities that it serves. Casey Cramton, Dead River Company President and Chief Executive Officer, stated, “We are honored that Charlie, George and Jim chose Dead River Company to care for its customers, employees and the communities they serve.  We appreciate the expert reputation for excellence and great service that Charlie Burnham Energy & Heating Service has built and will work steadily to preserve their legacy. We are excited to have their employees join our team and look forward to ensuring everyone feels right at home at Dead River Company.”

Jeff Brunner, Director of Cetane Associates, commented, “I’m happy for the owners of Charlie Burnham Energy & Heating to have achieved this milestone event. They built a great company, and I am excited for them to have made this successful transition. Congratulations to Charlie, George, and Jim.”

Cetane Associates LLC served as the sole arranger and financial advisor to Charlie Burnham, Inc. 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, Steve Abbate, and Barrett Conway managed the transaction.


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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