Cetane Associates LLC announced that Townsend Energy of Danvers, Massachusetts has acquired the full-service fuels business of M.L. Halle Oil Service, Inc. of Manchester, New Hampshire.
M.L. Halle Oil Service, Inc. has been providing heating oil, diesel fuel and HVAC services throughout Southern New Hampshire since 1961.
Townsend Energy operates a full-service heating oil and propane delivery business and an extensive HVAC services business with a footprint spanning Northeast Massachusetts, Southern New Hampshire, and Southern Maine.
Mark Halle, owner of M.L. Halle Oil Service, Inc., commented “We wanted to find the right company that would honor our company’s long history and reputation in the community. With guidance from Steve and Josh at Cetane Associates, we were able to identify a purchaser who we thought would best achieve this goal. We did not fully appreciate how complex the sale process could be and working with an experienced team really made all the difference for us.”
Mark Townsend, president of Townsend Energy, commented “M.L. Halle is a perfect fit for us. Its strong management team and focus on customers has positioned the company as a top energy service provider in the Southern New Hampshire market. The acquisition also provides us with a sizable, modern bulk storage facility that will afford some real strategic benefits. Working with the team at Cetane was a real plus since they know how to present a business and manage the process in a very professional manner.”
Cetane Associates, LLC served as the sole arranger and financial advisor to M.L. Halle Oil Service. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential, formal process, negotiation of the final deal terms, and coordination of the due diligence process. The transaction was managed by Steve Abbate and Joshua Wolf.