East River Energy acquires Tracey Energy Services

December 24, 2025 By Brian Richesson 0 Comments

East River Energy, based in Guilford, Connecticut, acquired Tracey Energy Services, located in New Haven, Connecticut.

The transaction, announced by Cetane Associates in December, closed on Oct. 14.

Tracey Energy was founded in 1931 by Erwin S. Tracey and originally provided range oil delivery. Over the decades, the company expanded under second- and third-generation leadership, growing through acquisitions and diversifying into HVAC and value-brand fuel offerings. It’s been led most recently by Jennifer Tracey-Carlo and Ralph Carlo, the third generation of the Tracey family.

“We are grateful for Cetane’s guidance and hard work during the process, which resulted in a positive transaction for both parties,” says Tracey-Carlo, co-owner of Tracey Energy.

Family-owned since 1984, East River Energy is a petroleum distributor across 13 states. It delivers heating oil and propane and provides HVAC services to thousands of customers.

“We’re very pleased with the outcome and proud of how our teams collaborated to complete the transaction successfully,” says Jesse M. Herzog, president of East River Energy. “We look forward to continuing to provide the same exceptional service to our expanded Tracey family customers moving forward.”

Cetane served as the sole arranger for Tracey Energy. 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 Pam Giordano, Fred Lord and Duncan McMurchie managed the transaction.

“Jennifer and Ralph’s dedication to their business and commitment to their team were evident every step of the way,” says Giordano, director at Cetane. “We wish them all the best in their next chapter and continued success in the future.”

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