New Milford, Conn. (Jan. 14, 2025) — Cetane Associates (“Cetane”) announced that Star Group, L.P. (“Star Group”), based in Stamford, Connecticut, has acquired Allen’s Oil & Propane, Inc. (“Allen’s Oil & Propane”), located in Vincentown, New Jersey. The transaction closed on Jan. 8, 2025.
Allen’s Oil & Propane, Inc. has evolved over four generations, demonstrating resilience and adaptability as a family-owned business. Founded in 1919 by Harry T. Allen, Sr. as Allen Coal Company, it transitioned to providing home heating oil in the 1940s and later added propane services in 1991. The company was renamed Allen’s Oil & Propane, Inc. during this expansion. After being passed down to Harry Jr., and then to his sons, Ronald and Roger, the company grew significantly, adding storage facilities in multiple locations. Ronald eventually handed ownership to his sons, Doug and Jason, in 2011. Today, the company maintains its founder’s vision of innovation, community service, and family-oriented values. Jason Allen commented, “Selling a multi-generational family business is not a decision to be taken lightly. It's not just about transferring ownership, it's about entrusting the future of a legacy built over decades. Allen’s Oil and Propane represents the hard work, values and vision of our ancestors, and we know that Star Group will honor and continue that legacy with the same commitment, care and respect that has defined our family’s story. We could not have achieved this outcome without the help of the Cetane team."
Star Group and its subsidiaries supply home heating oil and propane products and services to both residential and commercial clients across the United States. The company also provides gasoline and diesel fuel and offers installation, maintenance and repair services for heating and air conditioning systems. Jeff Woosnam, president and CEO of Star Group, remarked, “Allen’s is among the very best constructed, maintained and operated companies that we have seen. We are enthusiastic for the opportunity to join a fourth-generation leadership team and continue their 105-year track record of success and community service. Allen’s Oil & Propane will become a flagship brand within the Star Group family.”
Barrett Conway, managing director at Cetane Associates, said, “The Allen family built and ran a remarkable company over the last century. It was a pleasure working with the Allen Family and their transaction team and we wish them all the best in their next chapter. This is an exciting opportunity for Star Group to continue growing and we look forward to seeing the success the Allen’s created continue into the future.”
Cetane served as the sole arranger and financial advisor to Allen’s Oil & Propane. 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 Jeff Brunner, Barrett Conway, Duncan McMurchie, Fred Lord, Dalton Brooks and Whitney Parsley managed the transaction.
