Revelar Capital acquires Lettermen’s Energy

Lettermen’s Energy is preparing for its next phase of expansion after Revelar Capital acquired the multi-regional propane distribution platform from CID Capital.

Revelar Capital is a New York-based private equity firm that invests across the health care services, business services and specialty manufacturing sectors. The transaction is its fifth platform investment in 18 months.

Baird served as the exclusive financial adviser to Lettermen’s Energy. Financial terms of the transaction were not disclosed.

“Revelar Capital shares our long-term vision and our commitment to building durable value through rapid acquisitive growth, operational excellence and local brand strength,” says Lettermen’s co-founder and CEO Steve Wambold. “We’re excited to be more aggressive in executing our strategy while remaining highly selective and thoughtful in how we deploy capital.”

Adds Matt Schultz, director in Baird’s Global Investment Banking Energy Solutions practice, “It was a pleasure to work with Steve and his team, and I look forward to watching the continued success in this next chapter with Revelar Capital. It was truly exciting to see the level of investor interest in Lettermen’s and the growing pool of capital that is focused on the propane industry. The appetite from private equity and strategic partners continues to accelerate.”

Growing retailer

Lettermen’s Energy, founded in 2021 in Overland Park, Kansas, has grown to become the 19th largest propane retailer in the United States, according to LP Gas’ 2025 Top Propane Retailer rankings, through the acquisitions of several local and regional brands. The team has built a platform that services more than 50,000 residential and commercial customers across 20 states.

Lettermen’s also expanded its national footprint through two additional acquisitions that were completed shortly after the close of its acquisition by Revelar Capital:

• Mile High Propane, a propane distributor for residential, commercial and industrial customers across Colorado
• Aspen Valley Propane, a propane distributor in Colville, Washington

Naishadh Lalwani, managing partner at Revelar, acknowledged the propane distribution platform that Wambold and his team have built in less than five years.

“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,” Lalwani says.

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