Written on: August 14, 2023
NEW MILFORD, Conn. – Cetane Associates (“Cetane”) is pleased to announce that Energy North Incorporated, DBA Haffner’s, of Lawrence, Mass. has acquired certain tangible and intangible assets related to the full-service heating fuels and propane delivery business of Andrew Hartmann, Inc. DBA Hartmann Oil & Propane (“Hartmann”), a New Hampshire corporation. The transaction closed on August 1, 2023.
Hartmann was founded in 1989 by Andrew Hartmann who began his fuel industry career as a delivery driver. Since its founding, Hartmann has experienced consistent growth by diversifying product, fuel, and services offerings, building a new facility and bulk plant, and adding a cash fuel branch. The Hartmann mission has always been to create the highest level of customer satisfaction for its residential, commercial, and wholesale customers throughout New Hampshire’s sea coast, southern Maine, and northern Massachusetts communities. President and owner Andrew Hartmann stated, “We couldn’t be happier with this transaction. I’m thrilled for our employees and customers to be in the great hands of Haffner’s. Their commitment to the communities they serve is a perfect fit with how we’ve built our business.” He also remarked, “A deal like this is complex. We are grateful to the Cetane team for smoothing out the complexities every step of the way. Cetane’s expertise was crucial to our ultimate success.”
For nearly 100 years, Haffner’s has been warming and cooling homes and businesses and fueling and cleaning vehicles, serving the Massachusetts, New Hampshire, southern Maine, and upstate New York areas. A proud brand of Energy North Group, Haffner’s distributes oil and propane while providing HVAC to nearly 50,000 customers in New England. The Energy North Group is one of the largest wholesale distributors of fuel in New England and upstate New York, operating over 70 gas stations, convenience stores, car washes, and food service locations. President Jeffrey Black commented, “Welcoming Hartmann Oil & Propane into our family is a momentous occasion for us. Their customer-centric approach and focus on safety and reliability perfectly align with our values, and together, we are poised to continue providing the highest level of service and care to our extended family of customers.”
Barrett Conway, Managing Director at Cetane, commented, “Congratulations to Andy and the entire Hartmann Oil & Propane organization. It was our pleasure and honor to work with this outstanding group. We wish you well as you launch your next chapter.”
Cetane served as the sole arranger to Hartmann. 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. The transaction was managed by team members Barrett Conway, Fred Lord, and Dalton Brooks.
About Cetane Associates
Cetane is a leading provider of financial advisory services to business owners in home services industries. Clients engage Cetane to advise on sales, spin-offs, and acquisitions, as well as perform valuation and ad hoc corporate finance assignments. For more information, please visit www.Cetane.com.