Matthew Porter Senior Advisor, Tounge Associates

Congratulations on your new role! Can you describe your position and how this opportunity arose?

Thank you! I’m excited to join Tounge Associates as a senior advisor for mergers and acquisitions. I first met Jeff and JT in 2021 while considering the sale of my company. After evaluating several M&A firms, I chose to work with them in 2022 because of their extensive M&A knowledge … and genuine commitment to understanding my business’ unique needs. … After the sale, we began discussing how my experiences could be utilized to increase engagements while offering a client experience that stands out from other M&A firms. My primary roles will be national lead development and leveraging my firsthand experience … to provide valuable insights and support to future clients. With my background as a former business owner, I’m eager to offer an owner’s perspective to our clients!

Can you give a brief history of your time in the fuel/propane industry? What gave you your start in the propane industry?

I grew up in the industry, with my dad owning and operating an oil company during my childhood. He later expanded the business to include LP sales and service before selling it in my mid-20s. Watching him and other family members successfully run their own businesses ignited my entrepreneurial spirit. In 2006, I opened Tidewater Oil Company. Within a few years, it became clear that I needed to add LP sales and service, as we were receiving hundreds of calls each year that had to be referred to other dealers. In 2015, we began delivering LP and offering service for appliances and distribution systems. Launching LP led to significant year-over-year growth and created numerous opportunities for our business to flourish.

What’s one thing you wish you knew earlier in your career?

I wish I had known how popular heating with LP was about to become and how it would provide more consistent year-round revenue. If I had, I likely would have started with propane sales first and then moved into distillates!

What would you change in the industry if you could?

I would like to see local, state and federal governments work on cutting the red tape to allow our industry to increase storage capacities quicker, enabling us to meet current demand and offset supply disruptions caused by weather, railroad strikes and other factors. Additionally, I would like the government … to incentivize the installation of high-efficiency propane heating … at the same levels they provide for natural gas appliances.

What’s the most interesting area of the propane industry right now?

I find biopropane to be one of the most fascinating aspects of the propane industry, as it offers a renewable alternative that is compatible with existing propane infrastructure. Its potential to support sustainable energy goals and diversify fuel sources makes it an exciting area for innovation and growth in the industry.

What industry trends have you seen in recent years?

A concerning trend in our industry is the diminishing number of skilled young men and women entering the field due to government and educational barriers. In Maine, for instance, the government has introduced additional testing beyond CETP, frustrating many capable technicians and drivers who may struggle with the new requirements or can’t afford the extra time needed for licensing. Moreover, for the past 20-30 years, our high schools have pushed students toward four-year degrees, creating a significant shortage of skilled technicians. On a positive note, builders and general contractors have increasingly embraced LP systems in new builds and remodels, highlighting a growing recognition of the value these systems offer going forward.