Combined Energy Services acquires Freedom Propane

Combined Energy Services, one of the largest family-owned companies providing propane and heating oil to the tri-state area of New York, Pennsylvania and New Jersey, acquired Freedom Propane of Red Hook, New York.

Blue Peak Resources, a full-service consulting firm specializing in propane and fuel oil mergers and acquisitions, announced the sale.

In 2007, Paul Pagano saw an opportunity to expand his successful industrial and welding gas company by adding propane. He bought a bobtail and a new service truck. Fortunately for Pagano, local propane supplier G&S Energy decided to sell its plant, in an enviable location that allowed access to the entire area. Pagano seized the opportunity and bought the company. He promptly renamed it Freedom Propane and sold his share in the industrial gas business to concentrate on growing the propane company.

“I am so grateful to the Blue Peak team for all the help and guidance they provided,” Pagano says. “Their ability to navigate me through the process was invaluable. I am very excited about choosing Combined Energy Services for the future of Freedom Propane, my employees and customers.”

John Armentano, partner at Blue Peak, adds, “It was an absolute pleasure representing Paul, and it’s very exciting for the Hudson Valley region to witness two first-class, locally owned businesses joining forces. I’m thrilled that we could bring these two high-quality companies together.”

Combined Energy Services, based in Monticello, New York, was founded in 1968 as Taylor Oil in the kitchen of Walt and Patricia Taylor.

Blue Peak Resources, an adviser to Freedom Propane, served as the facilitator and negotiator of the sale. The team provided the financial valuations, prepared the business offering package to potential buyers and assisted in the negotiations and final deal terms.

Armentano and Mike Gioffre began the Blue Peak venture to help family-owned propane and fuel oil businesses plan for their exit, gain maximum value and continue their legacy for generations.

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