Campbell Oil Acquires the New York Assets of Sail Energy
Campbell Oil Company, based in Elizabethtown, N.C., has acquired the New York assets of Sail Energy, LLC, based in Portsmouth, N.H.
The transaction includes the sale of Hometowne Energy and Rinker Oil, two businesses previously acquired by Sail Energy that serve residential, commercial, agricultural and wholesale customers throughout western New York with heating oil, propane, motor fuels and related energy services.
Sail Energy, a private equity-backed energy distribution company formed in 2014, has pursued growth through organic expansion and strategic acquisitions. The company serves customers throughout the Northeast through its portfolio of energy businesses. Following the transaction, Sail Energy will continue to focus on its New England operations.
Cetane Associates served as the exclusive mergers and acquisitions advisor to Sail Energy in the transaction.
“Cetane has been a trusted advisor to Sail Energy for many years as we expanded through acquisitions, so when the time came to transition these assets, choosing their team was an easy decision,” said Dennis O’Brien, chief executive officer of Sail Energy. “We appreciate Cetane’s guidance throughout the process and are confident Campbell Oil will continue to provide strong service to our New York customers.”
Founded in 1948, Campbell Oil is a family-owned fuel and energy company providing propane, fuels, lubricants and wholesale energy services.
“We are thrilled to welcome the Hometowne and Rinker Oil team members and customers to Campbell Oil as we continue to expand our company,” said Brian D. Campbell, president and chief executive officer of Campbell Oil. “Sail Energy has built strong customer relationships and a reputation for outstanding service, and we look forward to continuing that tradition.”
“We are delighted to have helped facilitate a successful transaction for Sail Energy,” said Griffin Sharp, director at Cetane Associates. “Sail is a great organization, and we are proud to have played a role in bringing together two companies that share a strong commitment to their customers and continued growth.”
Cetane served as the sole arranger for Sail Energy and advised on the transaction, including providing an initial valuation opinion, marketing the business through a confidential process, assisting with negotiations and coordinating due diligence.
About Campbell Oil Company
Founded in 1948, Campbell Oil Company is a fourth-generation, family-owned fuel and energy provider serving residential, commercial, agricultural and wholesale customers. The company supplies branded and unbranded motor fuels, propane, lubricants, commercial fuels and related energy products. Campbell Oil describes its business as being guided by Christian values, emphasizing integrity, stewardship and service to its customers, employees and the communities it serves. For more information, visit www.campbelloilco.com.
About Cetane Associates
Cetane Associates is a mergers and acquisitions advisory firm specializing in the convenience store, petroleum marketing, propane, heating oil, lubricants, wholesale fuels and other route-based distribution industries. Since 1987, the firm has advised business owners throughout North America on company sales, acquisitions, valuations and strategic planning. For more information, visit www.cetane.com.