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Fabian Oil expands in Maine

June 14, 2022 By     0 Comments

Fabian Oil Inc., based in Oakland, Maine, acquired the heating oil, propane and service business of Spring Brook Ice & Fuel Co., headquartered in Waterville, Maine.

Established in 1918 by Robert L. Ervin, Spring Brook Ice & Fuel supplied ice and coal into the 1950s, when heating and range oil became the fuels of choice. Fuel storage, propane delivery and service by technicians were added later.

When Robert passed in 1962, his son Edmund N. Ervin assumed leadership, with general manager Joseph Michaud overseeing operations. Around 2000, the next generation, Edmund D. (Ed) Ervin and Robert (Sandy) Ervin, became involved in the business and, in 2009, took full management responsibilities as co-owners.

“We are very pleased that our organization will become a part of Fabian Oil,” says Ed Ervin, co-owner and president of Spring Brook Ice & Fuel, in a press release. “Its deep roots in Maine are positive for our customers and a great fit for our employees.”

Fabian Oil was founded in 1988 as a single retail gasoline station. By 1991, the family-owned and -operated company was retailing heating oil to central Maine. With a growth strategy primarily focused on acquisition, Fabian Oil has expanded its product mix to include propane, service and natural gas. It has added multiple retail locations throughout Maine and services a wholesale market throughout New England.

“The Ervin family and their talented team built a successful business, and we are honored that they chose Fabian Oil to continue to care for their customers,” says Edward J. Fabian Jr., president of Fabian Oil, in a press release. “We appreciate that the Spring Brook employees will be joining our team and look forward to helping them feel right at home at Fabian Oil. We plan to carry on the legacy established by Spring Brook in the local community.”

Cetane Associates served as the sole arranger and financial adviser to Spring Brook Ice & Fuel. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in negotiation of the final deal terms and coordinating the due diligence process. Team members Jeff Brunner, Fred Lord and Steve Abbate managed the transaction.

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