Acquisition Announcement: Consumers Propane

NEW MILFORD, Conn. – January 28, 2025 – Cetane Associates (“Cetane”) is pleased to announce Paraco Gas Corporation (“Paraco”), of Rye Brook, N.Y., has acquired Consumers Propane (“Consumers”), located in Woonsocket, R.I. The transaction closed on January 6, 2025.

In 1919, Germaine Bousquet founded Woonsocket Consumers Coal Co. Inc. with an initial focus on retail coal distribution. In 1929, he added a retail gas station in Woonsocket, Rhode Island. By 1942, the company expanded to sell kerosene and heating oil under the name Consumers Oil. Germaine’s son, Rudolphe Bousquet, took over in the 1950s and added propane services as Consumers Propane. The company grew in the 1980s and 1990s, acquiring local businesses and expanding its offerings to include HVAC service for natural gas customers. By 2019, as Consumers opened a second bulk plant, fourth-generation owner Ken Bousquet assumed full control of the company. Today, the company operates as a full-service provider of propane, heating oil, and motor fuels, focusing on providing high-quality products and services as they have for over 100 years. Ken Bousquet, the owner of Consumers, commented, “Our goal was to find a partner that would honor and preserve our company’s longstanding history and reputation within the community. With the help of Cetane, we were able to find a buyer we felt would best accomplish this goal. Working with an experienced team made all the difference, and we know Paraco will continue to provide the same excellent service that Consumers has always been known for.”

Paraco Gas, one of the largest family-owned propane marketers in the U.S., serves over 120,000 customers across the Northeast. Established in 1968 by Pat Armentano, the company expanded significantly in 1979 with the acquisition of Paraco Fuel Corp. Today, under the leadership of CEO Joe Armentano and third-generation COO Christina Armentano, Paraco employs over 400 dedicated team members and operates 28 distribution locations, delivering outstanding service. Reflecting on the recent acquisition, Joe Armentano shared, “Consumers has built a strong foundation and a loyal customer base. We are excited to welcome their customers and employees to the Paraco family and look forward to continuing the tradition of excellent service and reliability they’ve come to trust.”

Griffin Sharp, Director at Cetane Associates, said, “Congratulations to Ken. It was a pleasure working with him throughout this transaction. He led a remarkable company and we are so pleased for him at the outcome reached.”

Cetane served as the sole arranger and financial advisor to Consumers Propane. 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 Griffin Sharp, Trey Brasseaux, and Dalton Brooks managed the transaction.

About Cetane Associates

Cetane is a leading provider of financial advisory services to business owners in the propane, heating oil, pest control, lawn care, landscaping, and HVAC & plumbing industries. Clients engage Cetane to advise on sales, spin-offs, and acquisitions, as well as to perform valuation and ad hoc corporate finance assignments. For more information, please visit www.cetane.com.