PitStop Fuels Has Been Acquired by Stone Road Energy
HOUSTON, January 30, 2018 -- GulfStar Group ("GulfStar") is pleased to announce the acquisition of PitStop Fuels, Inc. ("PitStop" or the "Company") by Stone Road Energy, LLC ("Stone Road Energy"). GulfStar served as the exclusive financial advisor to PitStop throughout the transaction, which closed on December 29, 2017.
Founded in 2005, PitStop is a leading distributor of heating oil, propane, kerosene and motor fuels serving retail and commercial customers throughout Southern Maine. The fastest growing portion of its fuel distribution business is its propane delivery segment, driven largely by the continued customer trend of converting from heating oil to propane. The Company delivers its services using its modern truck fleet and its network of bulk fuel terminals strategically-located throughout the Maine Lakes Region. The cold temperatures, high number of degree days and a lack of pipeline infrastructure make this one of the most attractive route-based heating oil and propane delivery markets in the country.
"When I set out to sell my company, I envisioned a very specific set of objectives in terms of achieving the ideal outcome. From the beginning, GulfStar's team took the time to fully understand these objectives and our business, which led to a great result for everyone involved in the transaction," said Dana Lampron, founder and CEO of PitStop. "There is no doubt in my mind that GulfStar's transactional expertise, strategic advice and absolute commitment were instrumental in closing this deal."
The acquisition of PitStop allows Stone Road Energy to further its consolidation strategy to acquire heating oil and propane delivery companies throughout the Northeast. Stone Road Energy is a full service retail heating oil and propane supplier for residential and commercial customers. Its portfolio consists of long-established firms throughout New England that have served their communities for many generations. Stone Road Energy's strength lies in its ability to run these businesses efficiently and effectively while being flexible to meet the-needs of their local markets.
"It is a great privilege to work with business owners like Dana who have built strategically valuable companies as they consider the sale of their business," said Colt Luedde, managing director of GulfStar. "The PitStop story of strategic growth in its market and its unwavering commitment to customer service made this a highly attractive opportunity for many parties. Ultimately, the combination with Stone Road Energy proved to be the best outcome for our client, and I know we join Dana in wishing them continued success with the business."
The GulfStar team consisted of Managing Directors Colt Luedde and Kent Kahle along with Vice President Ben Stanton and Analyst Patrick Rowland.
About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 650 transactions in 34 states and 16 foreign countries across a variety of industries.