Eastern Propane & Oil acquires J.P. Carroll Fuel Co.

Eastern Propane & Oil, a New Hampshire corporation, acquired J.P. Carroll Fuel Co., located in Limerick, Maine. The transaction, announced by Cetane Associates, closed on Nov. 4.

J.P. Carroll Fuel Co. began in 1946 when John P. and Marie Carroll opened a small gas station in Limerick, Maine, to serve their community’s fuel needs. What started modestly soon grew into a thriving family business, delivering heating oil and building lasting relationships. When their son, John H. Carroll, joined the company after his Air Force career, he guided it through years of expansion and modernization. His sons Jim and Sean carried on the family legacy and continued to grow the business, including adding propane services, building new facilities and adopting technology.

“We feel great knowing that Eastern Propane & Oil is taking over,” says Jim Carroll, co-owner, who recognized Tamera Kovacs and Cetane Associates for their guidance throughout the process. “It’s incredibly reassuring to see our family’s legacy in such capable hands.”

Founded in 1932 in Danvers, Massachusetts, Eastern Propane & Oil is a third- and fourth-generation family-owned company with deep roots in the communities it serves. Under the Clement family’s leadership, a business that began as a small hardware store selling bottled gas expanded into a four-state LP gas retailer and wholesaler by the 1960s. Through decades of ongoing growth resulting in operations in five New England states, the Clements’ original commitment to reliable, customer-focused service has remained at the heart of the business.

“We’re pleased to welcome the customers and employees of J.P. Carroll Fuel Co. to Eastern Propane & Oil,” says Chuck Clement III, president and owner. “Their commitment to service aligns perfectly with ours, and we look forward to continuing the service their customers have come to expect.”

Cetane served as the sole arranger for J.P. Carroll. 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 Duncan McMurchie, Fred Lord, Whitney Parsley, Pam Giordano and Kovacs managed the deal.

“It was truly an honor to work with Jim and Sean,” Kovacs says. “Guiding a multi-generational family business through such an important milestone is always special. We wish them all the best as they close this chapter and look toward the future.”

Cetane Associates is a provider of financial advisory services to business owners in the propane, heating oil, pest control, lawn care, landscaping, HVAC and plumbing industries.

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