Preferred Propane sells to EDP

Preferred Propane in Connecticut has sold to EDP, a multi-state retail propane marketer. The merger and acquisitions consulting firm Blue Peak Resources announced the sale.

Preferred Propane has served Vernon and the surrounding counties in Connecticut for nearly 30 years. The company was founded in 1991 as Violette Mechanical, providing comprehensive solutions for heating, air conditioning and ventilation needs. In 1996, Ellington Oil Fuel Co. was established to meet local fuel needs while servicing all of its accounts’ fuel and mechanical requirements.

Over the years, the company expanded its services to include propane fuel delivery and related tank installation under the Preferred Energy Group platform, which featured the construction of a 180,000-gallon storage facility in Vernon, Connecticut.

According to Blue Peak Resources, although the propane and fuel oil business has been sold, the Violette family will continue to operate and grow their HVAC business, which was not part of the transaction.

“When Karen and I decided to sell our business, we made the strategic choice to hire Blue Peak Resources, recognizing their exceptional reputation in the M&A space,” says Roland Violette Jr., owner of Preferred Propane. “Our gratitude goes out to John, Mike and Andy for their invaluable guidance throughout the process. Their support was indispensable. While they presented us with multiple competitive offers, our preference for EDP became clear, and we couldn’t be happier with our choice to partner with them.

“Blue Peak Resources demonstrated unmatched patience, expertise and invaluable connections within the industry, including with respected firms such as EDP,” Violette adds. “They made sure I was never uncomfortable or alone during the due diligence process. If they can effectively navigate this journey with my detail-oriented personality, they can guide anyone through it with confidence.”

“Roland, Karen and the Violette family built an outstanding propane business that they should be proud of,” says John Armentano, partner at Blue Peak Resources. “We feel very fortunate that they chose to hire Blue Peak to represent them. In searching for a buyer that shared similar values with Preferred Energy, we are very pleased they selected EDP to continue the family legacy.”

Blue Peak Resources acted as the consultant and negotiator in the sale. The team provided financial valuations, prepared a business offering package for potential buyers and assisted in negotiations to finalize the deal terms.

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