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ACQUISITION ANNOUNCEMENT: EVERGREEN FUELS, INC.

Written on: June 21, 2023

NEW MILFORD, Conn. – June 21, 2023 – Cetane Associates (Cetane) is pleased to announce that the Van Etten Oil Co., Inc. (VEO Energy), a New York corporation based in Monticello, N.Y., has acquired the business assets related to the operations of Evergreen Fuels, Inc. (Evergreen Fuels), a full-service delivered fuels business located in Montgomery, N.Y. The transaction closed on June 16, 2023.

The history of Evergreen Fuels is a credit to the ambition of Robert (Bob) Flood, an entrepreneur who started his career as a delivery driver. Bob ran his own start up for ten years, sold it, and later, with the help of his family and two key employees Brian Costello and Shawn Palmer, started Evergreen Fuels, in 2018, where he added propane and boiler/furnance services to heating oil offerings. The family built the company’s reputation and growth providing dedicated customer service to residential and commercial customers in the Mid-Hudson Valley in New York’s Orange, Ulster, and Sullivan counties. Evergreen Fuels’ founder and president Bob Flood states, “We are thrilled to see our hard work move to the next level with the sale to VEO. They share our belief in the value of great service and we know they will treat our customers well. We’re thankful for the exceptional guidance and expertise that the Cetane team brought to our successful transaction.”

With nearly 80 years of service, Van Etten Oil is now led by second generation President Jan S. Van Etten. His son Eli, current vice president, 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 Region communities. Eli and VEO Energy General Manager, Mike Foster, worked closely with Bob and the Evergreen Fuels team to ensure a smooth transition. Eli Van Etten comments, “This acquisition is a great fit for VEO Energy Systems. 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.”

Barrett Conway, Managing Director at Cetane Associates, said, “It was a pleasure working with Bob throughout this transaction. We are delighted to have the chance to work with the Flood family and wish them continued success and enjoyment in their lives.”

Cetane served as the sole arranger and financial advisor 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.