Tuesday, March 10, 2020
KENT, CONNECTICUT (March 10, 2020) – Cetane Associates LLC is pleased to announce that Sail Energy, LLC in Pourtsmouth, New Hampshire, has acquired the full-service energy business of Hometowne Energy Co., Inc. in Brockport, New York.
With an operational footprint spanning eighteen counties in western New York, Hometowne Energy sells and delivers bulk propane, heating oil, diesel, and gasoline to residential, commercial, and agricultural customers from five facility locations (Brockport, Rochester, Penn Yan, Farmington, and Newark). Hometowne Energy also maintains an extensive service department that installs and maintains heating and cooling equipment, hot water heaters, fuel oil tanks, and indoor air quality devices.
Sail Energy is a private equity backed company formed in 2014 to pursue growth through both organic and acquisition channels in the energy distribution market. With a veteran management team that has completed over 100 acquisitions, Sail Energy currently serves over 25,000 customers across four New England states under the brands of Pioneer Oil and Propane, Murray Heutz Oil and Propane, Vaughn Oil and now Hometowne Energy.
Chriss Andrews, President of Hometowne Energy, stated that “We are very pleased that Sail Energy chose to become the new owner of Hometowne Energy. They have a reputation for maintaining brand integrity and workplace culture when they make an acquisition. This was important to us since we really wanted to assure stability for both our customers and employees.”
Formally established in 2002, Hometowne can trace its roots back to the mid-1940’s with Arnold Oil. In 1971, Bill Arnold sold the business, operated from the company’s Brockport office and bulk plant to Robert Thompson, his son-in-law. In 1980, Robert sold the company to his son-in-law, Chriss Andrews. Chriss led and grew the business through several transitions into a full service business with a keen emphasis on responsive customer service. Under Chriss’ leadership, Hometowne Energy has grown into a thriving, regional competitor serving over 10,000 accounts comprised of residential, commercial, agricultural, and wholesale customers throughout Western New York State.
Dennis O’Brien, President and Chief Executive Officer of Sail Energy, commented, “We welcome Hometowne Energy into our family of companies as it extends our operating footprint for the first time outside of New England. The Hometowne Energy team has built a wonderful platform from which we plan to pursue further acquisitions in the region as well as within our New England footprint.” He went on to say, “Even though our due diligence process is exhaustive, my team really enjoyed working with Chriss and the folks at Cetane Associates to complete this acquisition. We look forward to a smooth transition for both customers and employees.”
Cetane Associates, LLC served as the sole arranger and financial advisor to Hometowne Energy. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential, formal process, negotiation of the final deal terms, and coordination of the due diligence process. The transaction was managed by team members Steve Abbate, Joshua Wolf, and Fred Lord.
About Cetane Associates
Cetane Associates, LLC is a leading provider of financial advisory services to owners of businesses 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.
With an operational footprint spanning eighteen counties in western New York, Hometowne Energy sells and delivers bulk propane, heating oil, diesel, and gasoline to residential, commercial, and agricultural customers from five facility locations (Brockport, Rochester, Penn Yan, Farmington, and Newark). Hometowne Energy also maintains an extensive service department that installs and maintains heating and cooling equipment, hot water heaters, fuel oil tanks, and indoor air quality devices.Sail Energy is a private equity backed company formed in 2014 to pursue growth through both organic and acquisition channels in the energy distribution market. With a veteran management team that has completed over 100 acquisitions, Sail Energy currently serves over 25,000 customers across four New England states under the brands of Pioneer Oil and Propane, Murray Heutz Oil and Propane, Vaughn Oil and now Hometowne Energy.
Chriss Andrews, President of Hometowne Energy, stated that “We are very pleased that Sail Energy chose to become the new owner of Hometowne Energy. They have a reputation for maintaining brand integrity and workplace culture when they make an acquisition. This was important to us since we really wanted to assure stability for both our customers and employees.”
Formally established in 2002, Hometowne can trace its roots back to the mid-1940’s with Arnold Oil. In 1971, Bill Arnold sold the business, operated from the company’s Brockport office and bulk plant to Robert Thompson, his son-in-law. In 1980, Robert sold the company to his son-in-law, Chriss Andrews. Chriss led and grew the business through several transitions into a full service business with a keen emphasis on responsive customer service. Under Chriss’ leadership, Hometowne Energy has grown into a thriving, regional competitor serving over 10,000 accounts comprised of residential, commercial, agricultural, and wholesale customers throughout Western New York State.
Dennis O’Brien, President and Chief Executive Officer of Sail Energy, commented, “We welcome Hometowne Energy into our family of companies as it extends our operating footprint for the first time outside of New England. The Hometowne Energy team has built a wonderful platform from which we plan to pursue further acquisitions in the region as well as within our New England footprint.” He went on to say, “Even though our due diligence process is exhaustive, my team really enjoyed working with Chriss and the folks at Cetane Associates to complete this acquisition. We look forward to a smooth transition for both customers and employees.”
Cetane Associates, LLC served as the sole arranger and financial advisor to Hometowne Energy. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential, formal process, negotiation of the final deal terms, and coordination of the due diligence process. The transaction was managed by team members Steve Abbate, Joshua Wolf, and Fred Lord.
About Cetane Associates
Cetane Associates, LLC is a leading provider of financial advisory services to owners of businesses 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.
