Acquisition Announcement: Hart & Iliff

NEW MILFORD, Conn. – October 25, 2024 – Cetane Associates (“Cetane”) is pleased to announce that NRG Heat & Power LLC (“NRG”), located in Rye Brook, N.Y., has acquired Hart & Iliff Fuel and Energy Systems (Hart & Iliff) located in Newton, N.J. The transaction closed on October 1, 2024.

Hart & Iliff was established in 1889 by brothers-in-law Nathan H. Hart and Louis S. Iliff. The company originally sold feed, grain, coal, and building materials. Over time, they expanded into heating oil sales and the installation and servicing of heating and air conditioning systems. After several years of partnership, Louis Iliff acquired Nathan Hart’s share of the business. The Iliff family managed the company until 1971, when it was sold to Albert and Florence Brand. For more than 130 years, the owners have grown their business by consistently prioritizing their customers’ needs. Charles J. Brand, owner of Hart & Iliff, commented, “This transaction is a milestone in our long history. We are proud of our people and know that our customers will remain in steady and caring hands going forward. This would not be possible without the excellent guidance of the Cetane team from start to finish.”

NRG was established in December 1996 by partners with a combined 65 years of experience in the oil industry, focusing on wholesale supply, distribution, and retail heating fuels across N.Y., N.J., and Pa. They offer competitively priced fuels of all types along with superb customer service. NRG currently operates a group of companies, including Liberty Oil & Propane in Pennsylvania, Clickable Oil in Northern New Jersey, and NRG Wholesale in Elizabeth, N.J. Guy Pipolo, partner at NRG, stated, “We are pleased to bring Hart & Iliff into our family of companies. It’s an honor to own a company with such a rich history. We’ll carry on their legacy by continuing to provide exceptional service to their customers.”

Doug Woosnam, Director of Cetane Associates, said, “Working with Charles throughout this transaction was a pleasure. He has an outstanding team and business, and their dedication truly shines through. I extend my heartfelt congratulations to them on this transition, marking a remarkable milestone in their history.”

Cetane served as the sole arranger and financial advisor to Hart & Iliff. 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 Doug Woosnam, Fred Lord, and Whitney Parsley managed the transaction.