Rush Street Capital announced that it has procured financing for Stone Road Energy, a Stone Road Capital Partners portfolio company. Proceeds from the financing were used for the acquisition of Manchester, Vt. – based Dorr Oil Company, Inc., and the purchase of storage tanks and equipment. The financing closed on June 17, 2016.
RSC was the exclusive financial advisor to SRE for the financing. Headquartered in Littleton, N.H., SRE is a heating oil and propane retail distributor focused in the northeast United States. Stone Road Energy is a company that exists to grow. They look to acquire oil and propane heating companies from owners that have run a good business over the years and have decided that now is the time to leave the business. SRE does not remove the name or change the strong bonds these companies have with their local communities.
Rick Lopez, partner at Rush Street Capital, said, “The Dorr Oil acquisition is an excellent opportunity for Stone Road Energy to continue its expansion strategy and create operational synergies. The addition of Dorr Oil will give SRE a strong presence in the Manchester, Vt., market and will give the company additional scale in both heating oil and propane distribution. The financing secured from our debt raise provides SRE with an optimal and flexible capital structure to complete this acquisition and position the company for future growth.”