DCC Propane Acquires Northeast Oil and Propane, Saveway Petroleum
DCC Propane of Roberts, Illinois, acquired the full-service energy business of NES Group, consisting of Northeast Oil and Propane, and Saveway Petroleum, Cetane Associates announced.
NES Group is headquartered in Brooklyn, Connecticut.
“Northeast Oil and Propane and Saveway Petroleum presented us with an opportunity to enter the New England market in a big way,” said Matt Dantinne, chief executive officer of DCC Propane. “The acquisition provides DCC Propane a well-developed set of brands and an asset base managed by an extremely capable operating team.”
The transaction, announced on Sept. 29, closed on Sept. 2.
The NES Group sells and delivers propane and related products and services to over 22,000 customers in Connecticut, Massachusetts, and Rhode Island. Operations include three offices and two bulk storage facilities. Besides Saveway Petroleum and Northeast Oil & Propane, NES Group’s brand names are Uncas Gas, and Buy-Rite Fuel.
DCC Propane is composed of propane retailers across the U.S. that have served communities for over 70 years, providing propane for residential, agricultural, commercial, and industrial uses. DCC Propane includes Rocket Propane, a wholesale supplier of propane; Rocket Supply, a premier supplier of propane and anhydrous trucks, parts and service; and Hicks Water Solutions, a water conditioning business. DCC Propane employs over 500 people in 14 states.
David Scott, co-owner and president of NES Group, said, “Selling our business was our family’s long-term plan. We think that the Saveway Petroleum, Northeast Oil & Propane, Uncas Gas, and Buy-Rite Fuel brand names have a tremendous value to DCC Propane, who we know will take it to the next level, especially working with our management team.”
Cetane Associates (www.cetane.net), Kent, Connecticut, served as the arranger and financial advisor to the NES Group.