Sail Energy LLC acquires Klebe Fuel Company Inc.Cetane Associates announced that Sail Energy LLC (Sail Energy), of Portsmouth, New Hampshire, has acquired the assets related to the full-service propane and heating oil delivery and HVAC business of Klebe Fuel Company Inc. (Klebe Fuel) whose primary office is in Winsted, Connecticut. The transaction closed on March 1, 2023.

Matthew “Matt” T. Klebe founded Klebe Fuel in 1989. Starting as a heating oil business, the company grew in 1997 with the addition of a service department, in 2011 when propane delivery was introduced, and in 2018 with the acquisition of Goshen Oil Company which expanded Klebe Fuel’s family of customers. Klebe Fuel is a family-owned and family-operated business serving residential and light commercial customers in northwest Connecticut communities. It proudly supports local community causes and employs an experienced staff that includes a team of energy conservation technicians.

President and Owner Matt Klebe said, “Sail Energy brings a new level of business practices and strategies which will benefit our customers and employees. This is a great fit and I couldn’t be happier.”


Klebe added, “I have consulted with Cetane over the years while growing my business. It was a natural evolution in our relationship to have Cetane represent me in one of the most significant decisions of my career. We are very pleased with the sale process and the Cetane team was the right company for us. Their knowledge and experience made a positive difference.”

Sail Energy has operated in the energy distribution market since 2014, growing its market through targeted acquisitions and integrated roll-ups. Sail Energy now serves over 35,000 customers in five New England states, New York, and Pennsylvania. Dennis O’Brien, president and CEO of Sail Energy, said, “We are happy and excited to bring Klebe Fuel into the Sail Energy group. Their well-known local reputation is a great fit with our guiding principles. We look forward to welcoming the Klebe Fuel team. Thanks go to John Tolan as Sail Energy’s project leader in the acquisition, and to Cetane Associates for their expert assistance through this process.” Tamera Kovacs, Director at Cetane Associates, stated, “It was a pleasure working with Matt throughout this transaction. Matt and his entire, loyal staff have built an excellent business. I congratulate them on this outstanding transition.”

Cetane served as the sole arranger and financial advisor to Klebe 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. Team members Tamera Kovacs, Fred Lord, Barrett Conway, and Tyler Machado managed the transaction.