Written on: October 5, 2021 by ICM
Gault Family Cos., Westport, CT, has acquired the business assets of Rural Fuels headquartered in Trumbull, CT. Terms of the transaction, which closed on Sept. 22, 2021, were not revealed.
Rural Fuels is one of the largest family-owned residential propane delivery business in the state of Connecticut. Originally founded in 1947 as The Rural Gas Company by entrepreneur Howard Rowan, the company grew steadily with the addition of his two sons, Howard Jr. and Michael (following their military service) and acquisitions of four local competitors over the next two decades.
By the late 1970’s, the next generation of the family was prepared to join the family business. Michael Jr. and the late Howard III were joined in the mid-1980s by brothers Richard (Rick) and Mark. The company expanded its customer base, geographic service area, bulk storage capacity, and HVAC services over the next three decades yet remained guided by its “small town” values of hard work and dependability which makes them proud to have “rural” in their name.
“For more than 70 years our family has been serving our neighbors,” said Rural Fuels President Rick Rowan. “Our experienced employees will continue to bring fuel delivery and service to our valued customers. We think that Rural Fuels brand has a strong value to Gault Family Companies, who we know will take it to the next level, especially with our team on board.”
Gault Family Cos. has a history dating back to 1863. With humble beginnings, their mission has remained the same—to bring on the best team members and continually evolve to meet the needs of the communities they serve. Gault Family Companies currently operates three business divisions; Energy & Homes Solutions, Stone & Landscape Supplies and Properties & Development.
“Given Rural Fuels’ strong market presence, attractive geographic area, and outstanding workforce, this transaction is a unique opportunity for Gault,” said Gault’s President Sam Gault. “We are excited to welcome the Rural Fuels team into our family business.”
Cetane Associates LLC served as the sole arranger and financial advisor to Rural Fuels.