Tounge Associates (TA) is pleased to announce that Dead River Company (Dead River), with corporate offices in South Portland, Maine has acquired the oil and propane fuel distribution and service business of Tidewater Oil Company (Tidewater Oil), based in Belfast, Maine. The transaction closed on December 7th, 2022.
Founded in 2006 by Matt Porter, Tidewater Oil has always sought to provide an unsurpassed experience each time they interact with their customers. As a child, Matt was exposed to his father’s fuel oil business. Tagging along on deliveries and service calls allowed Matt to witness day in and day out his father’s commitment to exceeding his customers’ expectations. Those early lessons in how to do things right are the foundation upon which Tidewater was built. Tidewater is a full-service oil and propane company to include fuel oil, kerosene, diesel fuels, propane, and staff a 24/7 service department.
Matt commented on the transaction experience stating “Our experience with Tounge Associates was exceptional from our first interaction with them to the support they have provide us post-closing. Jeff and Jeff were engaged in this transaction daily. We always felt like we were their only client even though we knew we were not. Their knowledge of the industry and how to best position our company throughout the process allowed us to focus on what was most important in making this deal happen versus getting overwhelmed in all the small details.
We are thankful for their guidance, patience, integrity and availability throughout the sales process. For those who may be considering a sale of their business, we highly recommend you speak with Tounge Associates. We know you will not be disappointed in their approach and how they represent you and your business!”
Dead River Company, founded in 1909, now has over 110 years of experience in the fuel oil and propane business. While Dead River’s size ensures a reliable supply of petroleum products for their customers, it’s how they deliver their services and support to their communities that matters most. By operating locally managed offices throughout Maine, New Hampshire, Vermont, and western Massachusetts, Dead River remains committed to upholding their core values of integrity, caring and excellence.
TA served as the sole advisor to Tidewater Oil. TA completed an initial valuation of the Company, facilitated the confidential solicitation of letters of interest to prospective buyers, assisted Tidewater Oil during the deal negotiations, and coordinated the due diligence and closing process between Tidewater Oil and Dead River Company.
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.
Leave a Reply