Propane provider grows footprint on Delmarva Peninsula

Tri Gas & Oil and Comfort Plus Services acquired a Delmarva Peninsula-based refined fuels distributor and HVAC services business.

Tri Gas & Oil was officially incorporated in 1963, delivering propane and heating oil throughout the Delmarva Peninsula. At the time of incorporation, the company primarily offered propane and heating oil delivery to commercial customers. As the business grew, offerings were expanded to include residential customers and additional product lines, such as custom oil blends and biodiesel. Today, Tri Gas & Oil serves customers throughout Maryland and Delaware, with a core density on Delmarva.

Comfort Plus Services provides installation and repair of heating and air conditioning systems, as well as indoor air quality solutions.

“This acquisition is very complementary to our existing business divisions, and we look forward to welcoming both the customers and employees of the seller into the greater Tri Gas family of businesses,” say Tri Gas & Oil Chairman and CEO Keith McMahan and President Nash McMahan in a joint statement. “We are especially excited for the expansion opportunity that this presents to Comfort Plus Services.”

Matrix Capital Markets Group provided merger and acquisition advisory services to the buyers, which included advisory on valuation, deal structuring and financing options. The transaction was managed by Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, director; and Nathan Wah, senior analyst.

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