Gault Family Cos. purchases Rural Fuels

Gault Family Cos. of Westport, Connecticut, acquired the business assets of Rural Fuels, a family-owned residential propane delivery business headquartered in Trumbull, Connecticut.

Two generations of Gault and three generations of Rowan families gather on closing day. (Photo courtesy of Cetane Associates)

Founded in 1947 as The Rural Gas Co. by Howard Rowan, the company grew with the addition of his two sons and acquisitions of four local competitors over the next two decades. By the late 1970s, the next generation of the family joined the business. The company expanded its customer base, geographic service area, bulk storage capacity and HVAC services over the next three decades.

“For more than 70 years, our family has been serving our neighbors,” says Rural Fuels President Rick Rowan. “Our experienced employees will continue to bring fuel delivery and service to our valued customers. We think that Rural Fuels brand has a strong value to Gault Family Cos., which we know will take it to the next level, especially with our team on board.”

The history of Gault Family Cos. dates back to 1863. Founder Robert Gault (1833-1921) migrated to America from Northern Ireland, and today, Sam Gault is the fifth generation to lead the company. With a focus on diversification, Gault Family Cos. currently operates three business divisions: Energy & Homes Solutions, Stone & Landscape Supplies and Properties & Development.

“Given Rural Fuels’ strong market presence, attractive geographic area and outstanding workforce, this transaction is a unique opportunity for Gault,” says Sam Gault, president of Gault Family Cos. “We are excited to welcome the Rural Fuels team into our family business.”

Cetane Associates served as the sole arranger and financial adviser to Rural Fuels. Cetane 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. The transaction was managed by team members Jeff Brunner, Fred Lord and Steve Abbate.