TexNJ Energy LLC Acquires Apgar Oil Co. Inc.

KENT, Conn. (July 7, 2022) — Cetane Associates LLC announced that TexNJ Energy LLC (DBA Weaver Fuels) of Allentown, Pennsylvania, has acquired the business operations of Apgar Oil Co. Inc., a full-service heating fuels delivery business, and Apgar’s discount brand, Thrifty Fuel, also located in Allentown. The transaction closed on June 30.

Founded in 1947 by Charles and Beatrice Apgar, Apgar Oil set out to deliver residential heating oil and service and install oil-fired boilers and furnaces. The family became involved when their nephew Clark F. Apgar joined the company and later took ownership. Having grown the service area east of Allentown, Clark invited his daughter Jane and later his son Jim to come on board. Upon Clark’s retirement, Jane Domitrowits and James (Jim) Apgar took leadership roles as secretary/treasurer and president, respectively.

Their efforts for more than three decades resulted in growth through successful marketing of their “full-service” oil heat division, which now includes clean, green renewable bio-heating oil, and starting a discount marketing segment.

President Jim Apgar states, “With our strong emphasis on excellence in delivery and service, we are excited to be part of TexNJ Energy because they share those values. Selling to TexNJ Energy is a win for our customers, employees, and the Lehigh Valley community. We thank the professionals at Cetane Associates. Their team stepped up to manage this great result at every step.”

Business partners John Forrest and Steve Mesthos started TexNJ Energy in 2017. Focusing on home heating oil and HVAC services, they’ve closed four acquisition transactions since the company’s inception — the first was Weaver Fuels in 2019. The company is growing fuel sales by strategically targeted acquisitions and growing service by meeting the needs of its Lehigh Valley customers.

TexNJ Energy President John Forrest said, “We welcome the Apgar Oil team to our growing business. Their eastern Pennsylvania roots greatly add to our operations, emphasizing local service excellence. We’re grateful to the financial experts at Cetane Associates for their thoughtful input through this successful acquisition.”

Doug Woosnam, director at Cetane Associates, said, “It was a pleasure working with the Apgar family throughout this transaction. We, at Cetane, are honored to have worked with them and congratulate shareholders Jim and Jane on completing the successful sale to TexNJ Energy.”

Cetane served as the sole arranger and financial advisor to Apgar Oil. 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. The transaction was managed by team members Doug Woosnam, Fred Lord, Barrett Conway and Jeff Brunner.