Dead River acquires Augusta Fuel

July 19, 2023 By    

Dead River Co. acquired the full-service home heating business of Augusta Fuel Co., based in Augusta, Maine.

The legacy of Augusta Fuel dates back to 1888, when it was founded as the Augusta Ice Co. Its first product line was ice harvested from the dam on the Kennebec River. In the 1930s, the company added coal manufacturing to its product mix, sold the ice segment and became Augusta Fuel Co. Further changes were made as the company shifted from coal to oil. With heat as its core operation, Augusta Fuel diversified its service division through acquisitions of plumbing, refrigeration, AC and propane companies in the 1980s and 1990s. Further growth of its customer base occurred in 2015 and 2016 with acquisitions that provided strategic locations.

“We are truly happy and fortunate to have Dead River Co. take over the reins of our company,” says Marc V. Lacasse, president and owner of Augusta Fuel. “Dead River has an outstanding reputation for the level of responsive and professional service they provide. I know Augusta Fuels customers will be in great hands. The Augusta Fuel employees are joining a growing organization that’s committed to providing its employees with professional development and growth opportunities. This transaction is a great fit for our two like-minded organizations and our employees.”

Dead River Co., founded in 1909 by Charles Hutchins, has its roots in the forest products industry. In 1936, Dead River entered the petroleum business. By operating locally managed offices throughout Maine, New Hampshire, Vermont and Massachusetts, it maintains deep roots in the communities that it serves.

“We appreciate the exceptional nature of the business that Augusta Fuel Co. has built,” says Casey Cramton, Dead River president and CEO. “For this reason, we will continue to maintain their brand name and support them operating independently as Augusta Fuel Co. We are excited to welcome the Augusta Fuel employees into the Dead River Co. [family of brands]. We are committed to ensuring employees and customers feel right at home.”

Cetane Associates served as the sole arranger and financial adviser to Augusta Fuel. It advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in the negotiation of final deal terms, and coordination of the due diligence process. Team members Jeff Brunner, Fred Lord, Dalton Brooks and Duncan McMurchie managed the transaction.

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