Van Etten Oil acquires Evergreen Fuels

June 21, 2023 By    

Van Etten Oil Co. (VEO Energy), based in Monticello, New York, acquired Evergreen Fuels Inc., a full-service delivered fuels business located in Montgomery, New York.

Robert Flood established Evergreen Fuels in 2018 with the help of his family and employees Brian Costello and Shawn Palmer. The company added propane and boiler/furnace services to heating oil offerings and serves residential and commercial customers in New York’s Orange, Ulster and Sullivan counties.

“We are thrilled to see our hard work move to the next level with the sale to VEO,” says Flood. “They share our belief in the value of great service, and we know they will treat our customers well.”

With nearly 80 years of service, Van Etten Oil is now led by second-generation President Jan S. Van Etten. His son and current vice president, Eli Van Etten, developed the VEO Energy Systems brand with the 2010 introduction of the company’s propane gas services.

VEO Energy serves homeowners and businesses in the Hudson Valley and Catskill communities. Eli Van Etten and VEO Energy General Manager Mike Foster worked closely with Flood and the Evergreen Fuels team to ensure a smooth transition.

“This acquisition is a great fit for VEO Energy Systems,” says Eli Van Etten. “We are honored to welcome the Evergreen Fuels employees and customers to VEO and to make them all feel at home as we continue a tradition of great service.”

Cetane Associates served as the sole arranger and financial adviser to Evergreen Fuels. 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 Barrett Conway, Dalton Brooks and Duncan McMurchie managed the transaction.

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