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Dead River acquires Tidewater Oil

January 24, 2023 By     0 Comments

Dead River Co., headquartered in South Portland, Maine, acquired the oil and propane fuel distribution and service business of Tidewater Oil Co., based in Belfast, Maine.

Founded in 2006 by Matt Porter, Tidewater Oil is a full-service oil and propane company that offers fuel oil, kerosene, diesel fuels, propane and a 24/7 service department.

Dead River, founded in 1909, has extensive experience in the fuel oil and propane business. It operates locally managed offices throughout Maine, New Hampshire, Vermont and western Massachusetts. The company also acquired Charlie Burnham Energy & Heating Service of Freeport, Maine, and Scott Energy of Gloucester, Massachusetts, in 2022.

Tounge Associates (TA) served as the sole adviser to Tidewater Oil. TA completed an initial valuation of the company, facilitated the confidential solicitation of letters of interest to prospective buyers, assisted Tidewater Oil during the deal negotiations and coordinated the due diligence and closing process between Tidewater Oil and Dead River.

TA was established in 1987. Over the past 35 years, the company and its affiliates have been involved with mergers and acquisitions primarily on sell-side engagements of small to middle-market companies. Its focus is on companies in the service, manufacturing and energy sectors.

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