Breckenridge Capital LLC Acquires Knight Propane Inc.

New Milford, Conn. (June 11, 2024) — Cetane Associates (Cetane) has announced that Breckenridge Capital LLC (Breckenridge), a Texas limited liability company, has acquired the full-service propane delivery business of Knight Propane, Inc. (Knight Propane) located in Weatherford, Texas. The transaction closed on May 31, 2024.

In 2015, Leslie Knight and Sherry Knight founded their propane delivery business in Parker County, Texas. Over the next nine years, they focused on marketing the company and providing excellent service. Knight Propane grew organically while meeting the community’s demands and was named Best Propane Company in Parker County two years in a row. Their steady growth relied on hard work, high-quality service, cold weather and investing in the community. Principal Sherry Knight commented, “Our strong emphasis on excellence in delivery and service to our loyal customers stems from our family values. We’re happy to have completed this successful transaction.” And, she added, “Working with Tamera and Barrett and the entire Cetane team made this complex transaction as trouble-free as possible — I strongly recommend them.”

The investment firm Breckenridge Capital targets investments in the Texas market. Breckenridge adds Knight Propane as its first foray into the delivered fuels space. Kyle Colafrancesco, managing partner of Breckenridge, stated, “We are pleased to bring Knight Propane into the Breckenridge group of companies. Their well-known local reputation is a great fit with our guiding principles. We look forward to welcoming the Knight Propane team.”

Barrett Conway, managing director of Cetane Associates, stated, “It was a pleasure working with Sherry and Leslie throughout this transaction. They and their entire team have built a terrific business. I congratulate them on this significant transition.”

Cetane served as the sole arranger and financial advisor to Knight 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. Team members Barrett Conway, Tamera Kovacs, Trey Brasseaux and Dalton Brooks managed the transaction.