Written on: July 17, 2023
NEW MILFORD, Conn. – July 11, 2023 – Cetane Associates (“Cetane”) is pleased to announce that Dead River Company has acquired full-service home heating Augusta Fuel Company (“Augusta Fuel”), Augusta, Maine. The transaction closed on June 27, 2023.
The legacy of Augusta Fuel dates back to 1888, when it was founded as the Augusta Ice Company. Its first product line was ice harvested from the dam on the Kennebec River. In the 1930s the company added coal manufacturing to its product mix, sold the ice segment and became Augusta Fuel Company. Further changes were made as they shifted from coal to oil. With heat as their core operation, they introduced diversification of their service division through acquisitions of plumbing, refrigeration, AC, and propane companies in the 1980s and 1990s. Further growth of their customer base occurred in 2015 and 2016 with acquisitions that provided strategic locations. Throughout its proud 135-year history, Augusta Fuel has maintained its core value of supporting the communities it serves. Marc V. Lacasse, President and Owner of Augusta Fuel states,
“We are truly happy and fortunate to have Dead River Company take over the reins of our company. Dead River has an outstanding reputation for the level of responsive and professional service they provide. I know Augusta Fuels customers will be in great hands. The Augusta Fuel employees are joining a growing organization that’s committed to providing its employees with professional development and growth opportunities. This transaction is a great fit for our two like-minded organizations and our employees.” He also commented, “I’m deeply grateful to Cetane Associates for their expert and thoughtful guidance every step of the way.”
Dead River Company, founded in 1909 by Charles Hutchins, had its roots in the forest products industry. In 1936, Dead River entered the petroleum business and has since grown to be the largest full-service heating provider in northern New England. By operating locally managed offices throughout Maine, New Hampshire, Vermont, and Massachusetts, it maintains deep roots in the communities that it serves. Casey Cramton, Dead River Company President and Chief Executive Officer, stated, “We appreciate the exceptional nature of the business that Augusta Fuel Company has built. For this reason, we will continue to maintain their brand name and support them operating independently as Augusta Fuel Company. We are excited to welcome the Augusta Fuel employees into the Dead River Company [family of brands]. We are committed to ensuring employees and customers feel right at home.”
Jeff Brunner, Director of Cetane Associates, commented, “I have enjoyed working with Marc and congratulate him on achieving this milestone event. Marc and his team built a great company and this successful transition represents their consistent high-quality approach to excellent business practices.”
Cetane Associates served as the sole arranger and financial advisor to Augusta Fuel. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in the negotiation of final deal terms, and coordination of the due diligence process. Team members Jeff Brunner, Fred Lord, Dalton Brooks, and Duncan McMurchie managed the transaction.
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.