Tounge Associates had the privilege to assist Maine-ly Heating in the sale of their business to Lake Region Energy.
Mainely Heating Oil was founded in 1984 by Phil and Kim Pomerleau in Gorham, Maine, before they moved the business to Standish, Maine in 1987. Phil and Kim and their family served the Standish and lake region communities for four decades.
I remember when I first met Kim and Phil to complete a valuation of their business in early 2022, I knew immediately that they were running a great little oil company. Phil enjoyed driving the truck and talking with his customers, while Kim was busy keeping the office. Their grand daughter was answering phones and keeping the customers happy.
After we agreed on a valuation of the business, Kim and Phil trusted Tounge Associates with the sale of their business. After running a successful process, we were able to identify a newly established Oil company that was expanding in the Lakes Region area – aptly named Lake Region Energy.
The sale was a success, the transition was complete – and Phil continued to do what he enjoyed – driving the truck – while Kim pursued another passion as newly elected official in the Maine State House of Representatives.
I caught up with Kim over the phone one year after the transaction to see how she was enjoying the Legislative duties:
- What’s it like not having to run an oil company any longer? Do you miss it?
We miss our customers. Its been a transition not seeing and speaking to our customers regularly. But we do see them from time to time when they come into the office. Our granddaughter is still running the office for the new owners and she keeps us in touch with our customers and we see them in the office from time to time.
But being in the state house, I’ve been able to meet and work with new people. That has been keeping me busy.
We’ve been able to do some traveling and see more of the State of Maine. Its been nice to have that freedom and time.
- How has the new role as State Legislature working out?
Its been a learning process. After an introductory seminar after I was elected, I was able to learn the process quickly. I was on the State and Local Committee and its been a lot of hard work with the various bills being introduced in session.
I do plan to run again this year for another term and am excited to continue that work in Augusta.
- How is Phil doing?
He’s doing well. He drove the oil truck again this past winter for Lakes Region. This was his last season driving so he is focused on other opportunities now.
He is currently buying, refurbishing and reselling used campers. He’s been busy with that and plans to expand the camper sales business. He has some real estate development plans as well for some land that we own.
Overall, we’ve been very happy with the changeover and the new pace of life.
About Tounge Associates: We are a family-owned sell-side Mergers and Acquisitions (M&A) advisory firm. We help business owners sell their companies. With over 30 years of M&A experience, we understand that selling your business can be a challenge. We help position your company, find the right buyer, and get you the best value for your company. www.toungeassociates.com
