Dead River Co. acquires Consumers Fuel

Dead River Co., with corporate offices in South Portland, Maine, has acquired the oil and propane fuel distribution and service business of Consumers Fuel Company, based in Belfast, Maine. Tounge Associates announced the transaction, which closed on May 6.

Consumers Fuel Company has been a family-owned cornerstone of Belfast since 1911. For over 100 years, Consumers has been providing heating fuel and excellent customer service to the Belfast area from the same iconic building at 12 Main Street. Consumers started by providing coal, wood, hay and fertilizer. In the 1930s, it expanded its business to include heating oil. By 1950, it had expanded to include propane in its offerings.

“The decision to finally exit the business was not an easy decision, but I knew it was time,” says John Holmes, owner of Consumers. “Having continuously operated a family business for over 100 years, we wanted to find an advisor that understood the significance of this decision and had practical experience in the oil and propane business. When we met with Jeff and JT, we knew they were the right team to work with. Tounge Associates worked diligently through a long process that had its share of ups and downs, but we are thankful for the hard work and the final outcome.

“I am excited to transition this long-standing business to the ownership of Dead River and look forward to seeing their commitment to customers, employees and the communities they serve,” Holmes continues.

Dead River Co. was founded in 1909. By operating locally managed offices throughout Maine, New Hampshire, Vermont and western Massachusetts, Dead River Co. is committed to upholding its core values of integrity, caring and excellence, according to the company.

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

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