Tounge Associates, LLC (TA) is pleased to announce that Lake Region Energy Holdings, LLC (Lake Region Energy), based in York, ME has acquired the fuel oil distribution business of Maine-ly Heating Oil (Maine-ly), based in Standish, Maine. The transaction closed on November 17th, 2022.
Phil and Kim Pomerleau founded Maine-ly Heating Oil in 1984 in Gorham, Maine. In 1987, Mainely Heating Oil was relocated to 57 Northeast Road in Standish, Maine. Mainely can proudly say they started as a family owned and operated business and have been servicing the lake region for over 35 years. Maine-ly takes pride in offering quality service, outstanding customer service, and competitive pricing for customers.
Kim commented on the transaction experience with TA stating “We are extremely pleased with the professional manner in which Tounge Associates handled the sale of our company Maine-ly Heating Oil and we are excited to be part of the Lake Region Energy Family.”
Lake Region Energy’s primary shareholder’s Mike Estes, President of Estes Oil & Propane based in York, ME and Jim Townsend, President of Townsend Energy of Danvers, MA, both identified Maine-ly Heating Oil as a great growth opportunity in a strong community and region in Southern Maine. Mike Estes commented on the acquisition opportunity stating, “Kim & Phil’s commitment to their customers was a perfect fit to become part of Lake Region Energy family of companies and Jim and I couldn’t be happier to expand and continue that commitment.”
TA served as the sole advisor to Maine-ly. TA completed an initial valuation of the Company, facilitated the confidential solicitation of letters of interest to prospective buyers, assisted Maine-ly during the deal negotiations, and coordinated the due diligence and closing process between Maine-ly and Lake Region Energy.
About Tounge Associates – TA was established in 1987. Over the past 35 years, the company and its affiliates have been involved with Mergers & Acquisitions (M&A) focused primarily on sell side engagements of small to middle market companies. Our focus is on companies in the service, manufacturing and energy sectors.
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