Cetane Associates is pleased to announce that on December 30, 2011 Townsend Oil and Propane of Danvers, MA acquired the assets of Federal Heating and Engineering Co of Winchester, MA. Townsend is one of the most recognized names in the New England Home Energy Market. The company, owned and operated by Jim and Mark Townsend, is in their 80th year and three generations are currently working in the business. Federal Heating and Engineering Co., owned and operated by Brian, Steve and Tom LaPointe, has been in business for sixty years and was founded by their father Al.
The acquisition was completed through the Cetane Associates LLC M&A Division.
We were excited at the opportunity to work with such a quality company as Federal Heating and Engineering. There was a tremendous amount of interest when we circulated our Offering Memorandum. We received several substantial offers for the business and the final decision came down to financial considerations as well as the comfort level the owners had with transitioning ownership. The employees and the customers were a major focus throughout the process. All three owners will remain to assist in the transition and Steve LaPointe plans on remaining to manage the business in the future.
In addition to the sale of the business, Townsend has entered into an agreement to purchase the real estate and expects to operate the business as Federal Heating & Engineering from the current location in Winchester.
President, Cetane Associates