KENT, Conn. (Oct. 7, 2021) Cetane Associates LLC has announced that Winthrop Fuel Co., headquartered in Winthrop, Maine, has acquired the full-service heating fuel delivery business of Lisbon Fuel Co. located in Lisbon Falls, Maine. The transaction closed on Sept. 22, 2021.

Lisbon Fuel Co., founded in 1961, markets and sells petroleum distillates, propane, and burner services to its residential and light commercial customers in central Maine. With its strategic bulk storage location, the company has established itself as a reliable source of heating fuel.

President John Piela said, “We are pleased to complete this successful transaction with the Winthrop Fuel Company. They are known for their customer service and we know they will provide the best possible service to our customers. My family and I want to thank the Cetane Associates team for their significant guidance to bring us through this transaction from start to finish. They couldn’t have been more professional and helpful.”


A central Maine business since 1936, Winthrop Fuel Co. is a local, family-owned, and operated heating services business with a focus on  customer service. Winthrop Fuel operates six local operations spanning from mid-coast to central Maine and the western mountains of Maine, all under the original trade names.

Speaking on behalf of the company, Doug Guerette, a fourth-generation family member, said, “We are delighted to be working with the great team at Lisbon Fuel Company. We know this acquisition will be a great addition to our growing business.  We will continue to operate the business from Lisbon Fuel’s facility, using the Lisbon Fuel name, and we look forward to being part of the local community.”

Fred Lord, director of Cetane and transaction leader, said, “The opportunity to work with John and his daughters, Peggy and Mary, through the process of selling Lisbon Fuel was appreciated. I congratulate him and the family. We, on the Cetane team, are pleased to have helped guide this to the finish line.”

Cetane served as the sole arranger and financial advisor to Lisbon Fuel. 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. The transaction was managed by team members Fred Lord and Jeff Brunner.