HOUSTON — Dec. 22, 2025 — Cetane Associates announced that East River Energy Inc., based in Guilford, Connecticut, has acquired Tracey Energy Services LLC, located in New Haven, Connecticut. The transaction closed on Oct. 14, 2025.
Tracey Energy was founded in 1931 by Erwin S. Tracey and originally provided range oil delivery. Over the decades, the company expanded under second- and third-generation leadership, growing through acquisitions and diversifying into HVAC and value-brand fuel offerings. Today, led by Jennifer Tracey-Carlo and Ralph Carlo, the third generation of the Tracey family leaves behind a legacy of exceptional service and innovation.
Jennifer Tracey-Carlo, co-owner of Tracey Energy, commented, “We are grateful for Cetane’s guidance and hard work during the process, which resulted in a positive transaction for both parties.”
Family-owned since 1984, East River Energy is a petroleum distributor across thirteen states. They deliver heating oil and propane as well as provide HVAC services to thousands of customers. Jesse M. Herzog, president of East River Energy, said, “We’re pleased with the outcome and proud of how our teams collaborated to complete the transaction successfully. We look forward to continuing to provide the same exceptional service to our expanded Tracey family customers moving forward.”
Pam Giordano, director at Cetane Associates, commented, “Jennifer and Ralph’s dedication to their business and commitment to their team were evident every step of the way. We wish them all the best in their next chapter and continued success in the future.”
Cetane served as the sole arranger for Tracey Energy. 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 Pam Giordano, Fred Lord and Duncan McMurchie managed the transaction.
