Written on: November 28, 2022
West Palm Beach, FL – November 28, 2022 – Blue Peak Resources, a mergers and acquisitions consulting firm, is pleased to announce that its client, High Grade Propane of Stafford Springs, CT, has been sold to Energy Distribution Partners, a Chicago, Illinois-based propane/energy company. The transaction closed on November 16, 2022.
Founded in 1957, The High Grade Propane Company has been owned and operated by the Aiken family for the past 65 years. They deliver to over 7,600 customers in Connecticut, southern Massachusetts, and eastern Rhode Island.
High Grade Propane has grown its business to over 3.5 million gallons annually. Nelson Aiken, a second-generation family member has been at the helm of the company for the past 40 years, along with his wife Correen, who has been instrumental in their success. Nelson and Correen are firm believers in quality installations, excellent service, and premier customer care, which have all contributed to their growth over the years. All High Grade employees will remain with the company, including Nelson and Correen’s two children: Chelsea Aiken, who has been named General Manager, and Ryan Aiken, who will stay on as a driver/service technician.
“Working with the Blue Peak team has been a pleasure. They were able to find the right buyer in EDP and help us navigate the complex waters of selling our business. I wasn’t sure what to expect when I started thinking of selling my business. Making sure our employees and customers would be in good hands was our top priority. I am very pleased with how everything worked out,” said Nelson Aiken.
“I am grateful that Nelson and Correen put their trust in me and our company,” said John Armentano, Partner, Blue Peak Resources. “We were committed to ensuring that Nelson and his family were comfortable and informed throughout the process. It’s personal for us. We realize that the Aiken family has given everything to make this business successful, and we felt it was our job to help Nelson and his family find the right partner that could continue their legacy.”
About Blue Peak Resources
Blue Peak Resources is a full-service consulting firm specializing in propane gas and fuel oil mergers and acquisitions. Clients engage Blue Peak Resources to sell their business or advise them on increasing the value of the business they have worked so many years to build. John Armentano and Mike Gioffre began this new venture to help family-owned propane and fuel oil businesses plan for their exit, gain maximum value, and continue their legacy for generations.