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CETANE ANNOUNCES SALE OF MAPLETON OIL COMPANY’S PROPANE BUSINESS

Written on: February 12, 2024

NEW MILFORD, Conn. – Cetane Associates (“Cetane”) is pleased to announce that Daigle Oil Company (“Daigle”), of Fort Kent, Me., has acquired the propane assets related to Mapleton Oil Company Inc. (“Mapleton”), a full-service delivered fuels business located in Mapleton, Me. The transaction closed on January 26, 2024.

With their roots in the family-run earth moving and construction business, brothers Dale and Tim Wood decided to buy a fuel delivery truck and founded Mapleton Oil Company in November 2003. Early customers were mainly friends and family, but word-of-mouth and marketing soon grew their customer list. In late 2004, they bought a second delivery truck and incorporated the company in 2005. They also added off-road diesel fuel to meet demand from the logging industry. By 2008, they had added propane to their fuel line-up and discontinued the construction side of their business, deciding to focus entirely on fuel. Owners Dale and Tim Wood are retaining the heating oil and related operations of the business. Dale commented, “Mapleton Oil has been dedicated to providing quality fuels and exceptional service to our customers. We feel Daigle is a great fit for our propane customers and we’re delighted to have completed this sale with them.” Tim added, “Jeff and the team at Cetane Associates did a phenomenal job and we cannot thank them enough for their guidance throughout the entire process.”

Daigle Oil Company similarly began with a single fuel delivery truck. Better known as DOC, they were founded in 1955 by Guy Daigle in Fort Kent, Maine. Through the years, Guy continued to expand his fuel oil business by purchasing smaller companies in the surrounding areas. Guy passed the company to his son Rick in 1983, and following his father’s lead, Rick continued to grow the family business through acquisitions. Today, Daigle Oil Company is 100% employee owned and is a leading energy provider in northern and central Maine. Chief Operating Officer of Daigle, Carter Vaillancourt, remarked, “We are excited to welcome Mapleton’s propane customers to our family at DOC. We will continue to serve their customers with the same professionalism and warmth that Mapleton has provided for so many years.”

Jeff Brunner, Director at Cetane Associates, commented, “Congratulations to Dale and Tim. They are such great guys, hard workers, and it was an absolute pleasure to work with them.”

Cetane served as the sole arranger and financial advisor to Mapleton Oil Company. 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 Jeff Brunner, Barrett Conway and Dalton Brooks.

About Cetane Associates LLC
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.