Cetane Announces the Sale of Florida Public Utilities’ Marianna Propane Branch
NEW MILFORD, Conn. – June 27, 2024 – Cetane Associates (“Cetane”) is pleased to announce that Southern Quality Propane, Inc. (“SQP”), a Florida corporation, has acquired certain assets used in the operation of, or associated with, the full-service propane delivery business of the Marianna propane branch of Florida Public Utilities (“FPU”) located in Marianna, Fla. The transaction closed on June 18, 2024.
FPU’s Marianna propane branch is a well-recognized brand providing propane in a seven-county market area in northwest Florida. The Marianna propane branch sells and delivers propane to residential, commercial and wholesale customers. The exceptional customer service they deliver, combined with their strategic bulk locations, have driven continual growth. Thad Dixon, FPU’s director of business development, commented, “The transition to the new ownership will be seamless as our organizations share the same values of outstanding customer service for our loyal customers.” He added, “Our appreciation goes to Cetane Associates for their expert advice throughout this transaction.”
Southern Quality Propane is the leader in local independent propane in South Georgia and North Florida. With a commitment to safety, reliability and customer satisfaction, Southern Quality Propane delivers innovative propane solutions that power homes, businesses, farms and communities.
“We are thrilled to welcome the Marianna propane team from Florida Public Utilities into the Southern Quality Propane family,” said Brent Henson, SQP president. “We’re also a local, in-state provider. Our region started small, and we’ve expanded our services and territory as smaller companies joined us to protect independent propane in our area. We know our customers value local providers and the type of service they provide. Florida Public Utilities’ Marianna propane branch has built an excellent reputation over the past decade, and we’re excited to help them maintain that small-town customer service and augment it with the power of combined resources. Both our teams value community involvement and pouring back into the communities we serve through events and charitable giving, and will be able to make an even stronger impact together.”
Joe Rosengrant, director of business development at Cetane, stated, “It was a pleasure working with both parties throughout this transaction. This deal was a great fit for all. I congratulate everyone who helped make this happen.”
Cetane served as the sole arranger and financial advisor to FPU. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in negotiating the final deal terms and coordinating the due diligence process. Team members Joe Rosengrant, Barrett Conway, Duncan McMurchie, and Dalton Brooks managed the transaction.
About Cetane Associates
Cetane is a leading provider of financial advisory services to business owners in home services industries. Clients engage Cetane to advise on sales, spin-offs, and acquisitions, as well as perform valuation and ad hoc corporate finance assignments. For more information, please visit www.cetane.com
Media Contact:
Nancy Coop, 510.418.7839
ncoop@cetane.com
