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CETANE ANNOUNCES THE SALE OF SOS XTREME COMFORT

Written on: July 8, 2024

NEW MILFORD, Conn. – Cetane Associates (“Cetane”) is pleased to announce that M. Spiegel & Sons Oil, LLC DBA SOS Xtreme Comfort (“SOS”), has acquired the propane, distillates, and HVAC service business of M. Spiegel & Sons Oil Corp. DBA SOS Xtreme Comfort (“Spiegel Corp.”), headquartered in Tuxedo Park, N.Y. The transaction was finalized on June 24, 2024.

Founded in 1934 by Murray Spiegel, Spiegel Corp. has been a cornerstone in its region for over nine decades, spanning four generations of the Spiegel family. In recent years, Robert Spiegel and Jeffrey Spiegel ensured that technological advancements were adopted to modernize the company, including wireless delivery, cellular tank monitors, and vehicle cameras. Further innovation in customer service allowed steady growth, and the company is now one of the largest residential propane and heating oil providers in Orange County and Hudson Valley, N.Y., and northern New Jersey communities. President Robert Spiegel commented, “Our business strength is our family, which began with our founder, Murray Spiegel. We are pleased to make this transition with Jeff and to watch the legacy continue under his leadership. This is a win-win-win for all of our shareholders, employees, and customers.” Robert added, “Working with Fred and Barrett and the entire Cetane team made this complex transaction as smooth as possible—I strongly recommend the Cetane team.”

SOS is a limited liability company established by Jeffrey Spiegel. As the past executive vice president and shareholder of Spiegel Corp., he now becomes the principal owner of Spiegel Corp. Jeffrey stated, “Making a transition at this point was the solution our family business was ready for.” Meredith Spiegel, Chief Operating Officer of SOS, commented, “I’m excited for the future of our outstanding company and our ongoing commitment to our employees and serving our valued customers.”

Fred Lord, Director at Cetane Associates, stated, “It was a pleasure working with Robert and his team and Jeffrey and his team throughout this transaction. Robert, Jeffrey, and their entire family and team members have built a terrific business. I congratulate them on this significant transition. I am thrilled that Jeffrey will be able to carry on the family legacy.”

Cetane served as the sole arranger and financial advisor to Spiegel Corp. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, and assisting in negotiating the final deal terms. Team members Fred Lord, Jeff Brunner, Barrett Conway, Dalton Brooks, and Whitney Parsley 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