Sail Energy purchases Tower Energy

February 23, 2023 By    

Sail Energy of Portsmouth, New Hampshire, acquired assets related to the full-service propane and heating oil delivery and HVAC business of Tower Energy and its affiliates, located in Plainville, Connecticut.

Tower Energy was founded in 2004 by Nicholas Scata, who purchased separate entities Tower Energy and Plainville Oil Co. Scata began to offer propane fuel delivery services in 2010. In 2013, the two companies officially merged to better serve their residential and light commercial customers in north-central Connecticut. A few years later, Tower Energy acquired Greco Energy and Barrieau Oil.

“Our strong emphasis on excellence in delivery and service to our loyal customers matches well with Sail Energy’s business culture,” says Scata. “We’re happy to have completed this successful transaction.”

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 pleased to bring Tower Energy into the Sail Energy group,” says Dennis O’Brien, president and CEO of Sail Energy. “Their well-known local reputation is a great fit with our guiding principles. We look forward to welcoming the Tower Energy team.”

Cetane Associates served as the sole arranger and financial adviser to Tower Energy. 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 Fred Lord, Barrett Conway and Steve Abbate managed the transaction.

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