Dead River acquires Belfast fuel oil distributor
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Dead River Co., founded in 1909, manages sites throughout Maine, New Hampshire, Vermont and western Massachusetts.
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Dead River Co., the largest heating fuel supplier in northern New England, has acquired Tidewater Oil Co., a Belfast-based distributor of fuel oil and propane.
The transaction closed Dec. 7. Terms of the deal were not disclosed.
Tidewater Oil was founded in 2006 by Matt Porter. The company offers fuel oil, kerosene, diesel fuels, propane, and a 24/7 service department. Its headquarters is at 17 Airport Road in Belfast.
"[Porter] and team are onboard and remain committed to delivering on the level of service for which their customers are accustomed to, offering responsive propane and heating fuel deliveries, skilled heating equipment maintenance and 24-hour emergency service," said Lisa Morrissette, director of marketing and communications at Dead River. "We were excited to welcome Matt and his team to the Dead River Co. family."
Porter will continue to operate the company the same way he has for the past 17 years.
Dead River Co., founded in 1909, provides heating oil and propane to customers in Maine, New Hampshire, Vermont and western Massachusetts. The company is based in South Portland and has 34 locations throughout Maine.
In the deal, Tidewater Oil was advised by Portland-based Tounge Associates.
“This is our third home heat oil company sale in the past two years. We have seen continued sales activity in the home heat, oil, and propane business due to increased regulatory pressures, labor and driver shortages, and owners reaching retirement age," said Jeff Tounge, a vice president at Tounge Associates.
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