Sail Energy LLC, of Portsmouth, New Hampshire, has acquired the assets related to the full-service propane and heating oil delivery and HVAC business of Tower Energy LLC and its affiliates located in Plainville, Connecticut. The transaction closed on Feb. 1, 2023.
In 2004, Tower Energy was founded by Nicholas Scata, who purchased separate entities Tower Energy and Plainville Oil Company. Over the next six years, Scata focused on operating synergies within the companies and grew the companies organically, including offering propane fuel delivery services in 2010. In 2013, the two companies were merged to providet service to residential and light commercial customers. A few years later, Greco Energy and Barrieau Oil completed the slate of Tower Energy’s acquisitions. Today, Tower Energy operates in north-central Connecticut.
President Scata commented, “Our strong emphasis on excellence in delivery and service to our loyal customers matches well with Sail Energy’s business culture.”
Since 2014, Sail Energy has operated in the energy distribution market, growing through acquisitions. Sail Energy now serves over 35,000 customers in five New England states, New York, and Pennsylvania.
Dennis O’Brien, president and CEO of Sail Energy, said, “We are pleased to bring Tower Energy into the Sail Energy group. Their well-known local reputation is a great fit with our guiding principles. We look forward to welcoming the Tower Energy team.”
Cetane served as the sole arranger and financial advisor to Tower Energy.