Connecticut Propane & Petroleum buys Phoenix Propane

Connecticut Propane & Petroleum of Marlborough, Connecticut, acquired the propane distribution business of Phoenix Propane, based in Oxford, Connecticut.

Founded in 2010, Phoenix Propane markets propane and related products to about 2,000 residential and commercial customers located within Fairfield, Litchfield and New Haven counties in Connecticut.

Connecticut Propane & Petroleum is a family-owned and operated distributor of propane and provider of HVAC services. The company has more than 50 years of industry experience and operates a 300,000-gallon propane storage facility in Marlborough to service propane customers throughout Connecticut.

Cetane Associates served as the sole arranger and financial adviser to Phoenix Propane. The firm’s advisory services included an initial valuation opinion, marketing the business through a confidential process, aiding in negotiation of the final deal terms and coordination of the due diligence process. The transaction was managed by team members Steve Abbate and Joshua Wolf.

Cetane offers financial advisory services to owners of businesses in the retail energy distribution industry. Clients engage the firm to advise on sales, spin-offs and acquisitions, as well as perform valuation and ad hoc corporate finance assignments.

*Featured image: designer491/iStock / Getty Images Plus/Getty Images