Sail Energy acquires Klebe Fuel Co.

March 10, 2023 By    

Sail Energy of Portsmouth, New Hampshire, acquired assets related to the full-service propane and heating oil delivery and HVAC business of Klebe Fuel Co., located in Winsted, Connecticut.

Founded as a heating oil business in 1989 by Matt Klebe, the company added a service department in 1997 and propane delivery in 2011. In 2018, the company acquired Goshen Oil Co. Today, Klebe Fuel serves residential and light commercial customers in northwest Connecticut.

Cetane Associates served as the sole arranger and financial adviser to Klebe Fuel.

“Sail Energy brings a new level of business practices and strategies, which will benefit our customers and employees,” says Matt Klebe, president and owner of Klebe Fuel. “I have consulted with Cetane over the years while growing my business. It was a natural evolution in our relationship to have Cetane represent me in one of the most significant decisions of my career.”

Sail Energy has operated in the energy distribution market since 2014, growing its market through targeted acquisitions and integrated roll-ups. It now serves more than 35,000 customers in five New England states, New York and Pennsylvania.

“We are happy and excited to bring Klebe Fuel into the Sail Energy group,” says Dennis O’Brien, president and CEO of Sail Energy. “We look forward to welcoming the Klebe Fuel team. Thanks go to John Tolan as Sail Energy’s project leader in the acquisition and to Cetane Associates for their expert assistance through this process.”

Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in negotiating the final deal terms and coordinating the due-diligence process. Team members Tamera Kovacs, Fred Lord, Barrett Conway and Tyler Machado managed the transaction.

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About the Author:

Danielle Pesta is the senior digital media manager for North Coast Media, the parent company of LP Gas. She can be reached at

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