Eastern Propane & Oil Acquires J.P. Carroll Fuel Company

Houston, Texas (Nov. 13, 2025) — Eastern Propane & Oil acquires J.P. Carroll Fuel Company, a New Hampshire corporation expanding its presence into Limerick, Maine. The transaction closed on Nov. 4, 2025.

J. P. Carroll Fuel Company began in 1946 when John P. and Marie Carroll opened a small gas station in Limerick, Maine, to serve their community’s fuel needs. What started modestly soon grew into a thriving family business, delivering heating oil and building lasting relationships along the way. When their son, John H. Carroll, joined after his Air Force career, he guided the company through years of expansion and modernization. His sons Jim and Sean proudly carried on the family legacy and continued to grow the business, including adding propane services, building new facilities and adopting innovative technology, all while keeping the same family values and commitment to customers that started it all. Jim Carroll, co-owner, commented, “We couldn’t be happier with how the sale was handled. Tamera and the team at Cetane guided us every step of the way with professionalism, expertise, and care. We feel great knowing that Eastern Propane & Oil is taking over. It’s incredibly reassuring to see our family’s legacy in such capable hands.”

Founded in 1932 in Danvers, Massachusetts, Eastern Propane & Oil is a third and fourth-generation, family-owned company with deep roots in the communities it serves. Under the Clement family’s leadership, a business that began as a small hardware store selling bottled gas expanded into a four-state LP gas retailer and wholesaler by the 1960s. Through decades of ongoing growth resulting in operations in five New England states, the Clements’ original commitment to reliable, customer-focused service has remained at the heart of the business. President and owner Chuck Clement III, said, “We’re pleased to welcome the customers and employees of J.P. Carroll Fuel Company to Eastern Propane & Oil. Their commitment to service aligns perfectly with ours, and we look forward to continuing the service their customers have come to expect.”

Tamera Kovacs, director at Cetane Associates, commented, “It was truly an honor to work with Jim and Sean. Guiding a multi-generational family business through such an important milestone is always special. We wish them all the best as they close this chapter and look toward the future.”

Cetane served as the sole arranger for J. P. Carroll. 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, Duncan McMurchie, Fred Lord, Whitney Parsley and Pam Giordano.