Acquisition Announcement: Martini’s Oil
KENT, Conn. – January 19, 2021 – Cetane Associates LLC is pleased to announce that Sail Energy, LLC of Portsmouth, N.H. has acquired Roberts Energy, LLC’s residential heating oil delivery business, marketed under the trade name Martini’s Oil, based in Johnston, R.I. The transaction closed on January 11, 2021.
Delivering warmth and reliability to Rhode Island since 1972, Martini’s Oil serves both residential and light commercial customers. Roberts Energy acquired the central Rhode Island business in April 2019. Frank Roberts, President of Roberts Energy, remarked, “Martini’s has developed trust in the community as the go-to home comfort provider. We are glad to have completed this successful transaction with Sail Energy, who will offer the Martini Oil customers HVAC services and carry on the outstanding delivery service our customers count on. We truly appreciate the professional guidance and skill that Cetane Associates brought to the table. They did a great job and made it easy.”
Since 2014, Sail Energy has operated in the energy distribution market, growing its market through targeted acquisitions and integrated roll-ups. Sail Energy now serves customers in four New England states and New York. Dennis O’Brien, President and Chief Executive Officer of Sail Energy, stated, “We are pleased to bring Martini’s Oil into the Sail Energy group. Their well-known local reputation and loyal customers in Rhode Island are welcome additions to our Vaughn Oil operation. Thanks go to John Tolan as Sail’s project lead in the acquisition and the good folks at Cetane Associates for their assistance through this process.”
Fred Lord, Director at Cetane Associates, commented, “It was a pleasure working with Roberts Energy throughout this transaction. We, at Cetane, are honored to have worked with them and congratulate them on completing the successful sale to Sail Energy.”
Cetane served as the sole arranger and financial advisor to Roberts Energy. 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. The transaction was managed by team members Fred Lord and Barrett Conway.
About Cetane Associates LLC
Cetane is a leading provider of financial advisory services to business owners in the retail energy distribution industry. 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 warmt98.sg-host.com.