Revelar Capital Acquires Lettermen’s Energy, Expanding National Propane Platform

New York (Dec. 18, 2025) — Revelar Capital, a leading private equity firm that invests exclusively across the health care services, business services and specialty manufacturing sectors, announced the transaction in which Revelar Capital acquires Lettermen’s Energy, a leading multi-regional distributor of propane serving both residential and commercial markets across the United States. Financial terms of the transaction were not disclosed.

Founded in 2021, Lettermen’s has grown to become a leading national distributor of propane in the United States, with a footprint spanning 20 states and a deep, actionable acquisition pipeline expected to substantially extend its geographic footprint and customer base. The company leverages the unique combination of its comprehensive administrative infrastructure and differentiated commercial strategy grounded in a hyper-local sales and marketing approach to deliver best-in-class service to more than 50,000 customers nationwide.

The company is led by an experienced management team, including Co-Founder and Chief Executive Officer Steve Wambold, who have established a scaled M&A function with a proven integration strategy that has delivered strong and consistent organic growth since the platform’s inception. Lettermen’s expanded its national footprint through two additional strategic acquisitions that were completed shortly after the close of its acquisition by Revelar:

• Mile High Propane, a leading propane distributor for residential, commercial and industrial customers across Colorado.
• Aspen Valley Propane, a strategically located distributor in Colville, Washington, further strengthening Lettermen’s presence in the fast-growing Pacific Northwest market.

“We built Lettermen’s with a distinct vision to combine our experience leading a scaled national propane platform with the local expertise of best-in-class regional distributors across the country,” said Mr. Wambold. “We are thrilled to partner with the team at Revelar, who bring an invest-for-growth mentality and proven track record of scaling specialty distribution businesses into market leaders by helping teams unlock accelerated growth. Together, we are better positioned than ever to continue to expand our platform and extend our delivery of excellent service to more customers across the country.”

“Steve and his team have built an incredible distribution platform in under five years through unparalleled execution of a robust M&A strategy and a relentless focus on providing the best possible service to a diversified base of customers across a thoughtfully constructed portfolio of end markets,” said Naishadh Lalwani, managing partner at Revelar. “I am confident Lettermen’s is prepared to capture the tremendous potential across the fragmented national propane market, and we look forward to supporting this team as it continues to accelerate its growth in the years ahead.”

Lettermen’s is Revelar’s fifth platform investment over the past 18 months, as the Firm continues to identify and capitalize on compelling opportunities across its target sectors. In October 2025, Revelar announced its launch as the rebranded identity for Wellspring Capital Management, reflecting the team’s enduring commitment to revealing value and driving growth for its investors and across its portfolio.