ShepGas Acquires Carolina Gas

New Milford, Connecticut (Dec. 04, 2024) — Cetane Associates (“Cetane”) announces that ShepGas, LLC. (“ShepGas”), located in Mt. Pleasant, South Carolina, has acquired Carolina Gas Co, LLC. (“Carolina Gas”), located in Mt. Pleasant, South Carolina. The transaction closed on Nov. 8, 2024.

Carolina Gas was established in 1998 by Steve and Wanda McDuffie. Steve, an experienced professional in the propane industry, had extensive knowledge of the personalized service needed to cater to the growing Charleston metropolitan area. The company has expanded primarily through word-of-mouth referrals and by building strong, lasting relationships. Steve McDuffie, owner of Carolina Gas, remarked, “Working with Joe and the Cetane team was invaluable. We’re overjoyed with the outcome of the sale and we know the future of Carolina Gas is in good hands.”

ShepGas was recently established by brothers Tre and Russ Sheppard. They are the co-owners of Sheppard Construction founded in 1997. Sheppard Construction upholds the highest standards and delivers exceptional craftsmanship to their customers. Tre Sheppard, owner of ShepGas remarked, “We are excited for this new venture. Carolina Gas is a fantastic business, and we will continue to provide the same outstanding service to their customers.”

Joe Rosengrant, director of Cetane Associates, said, “It was a pleasure to work with Steve and Wanda through this successful transaction. Congratulations to both parties on achieving this outstanding result.”

Cetane served as the sole arranger and financial advisor to Carolina Gas. 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 Joe Rosengrant, Trey Brasseaux, Whitney Parsley and Fred Lord managed the transaction.