Written on: September 8, 2021 by ICM
According to reports, Portland, ME-based and family-owned Giroux Energy Solutions has been acquired by Dead River Co., West Portland, ME. Financial terms of the deal were not revealed. However, existing Giroux Energy service plans will be honored thorough the end of their contracts and staff will stay on as the companies transition through the merger, according to news stories.
Giroux Energy Solutions has been in operation for more than 60 years. It was founded in August 1959 by Wilfred Giroux Sr., who left his job at another oil business to open his own. The company originally operated out of the family’s Walton Street home and is now headquartered on Warren Avenue in Portland. Now the the third Giroux generation runs the company.
Dead River, founded in 1909 as a wood products company, got into the oil business in the 1930s, shortly after acquiring a small heating oil company and four gas stations in 1936. Now headquartered in South Portland, it is one of the largest fuel suppliers in northern New England. It is now owned by Redwood Capital Investments, a family-owned holding company.
Dead River Company has acquired more than 50 companies over the last 25 years, including Maine-based Crowley Energy in 2018; Breggy Oil, another family-run company in Portland in 2017, and the residential heating oil side of Webber Energy Fuels in 2012.