Nov 16, 2023
CID Capital Buy-And-Build, Lettermen’s Energy, Continues Expansion

November 16th, 2023: Lettermen's Energy, the industry-leading consolidator of independent retail propane distributors and a current portfolio company of Indianapolis-based private equity firm CID Capital (“CID”), announced that it acquired CountryStyle Propane, Scotty's Propane, Central Propane, Mountain Country Propane, Hub City Propane, and WIN Propane in 2023.

These acquisitions bring the total number of brands under Lettermen's ownership to twenty-three, operating in eighteen states. Since being founded by CID and Management in April of 2021, Lettermen's Energy has made seven acquisitions along with multiple greenfield start-ups.

“We have been pleased with our efforts in 2023 to both organically grow our existing brands along with strategic acquisitions as we continue to consolidate new and existing geographies," said Lettermen's Energy CEO Steve Wambold. "We are proud of the network of resources we are able to provide to help propane businesses thrive and grow. Our efforts in 2023 have been tremendous and we are excited for the years ahead.”

Lettermen's is currently the 17th largest multi-state propane retailer in the United States. The Company has a growing family of leading independent propane companies including Wolf River Propane (WI), CountryStyle Propane (WI), Arrow Propane and Basin Propane (WA), Alpha Propane (MT), High Sierra Gas (CA, NV), Canyon State Propane (AZ), Sagamore Gas & Appliance (IN), Lettermen's Propane (OR, MO) and Propane Resources (AL, IN, IA, NM, MO).

Eric Derheimer, Lettermen's Energy's Chairman and Partner at CID Capital commented, "We look forward to working with propane operators and their advisers should they be considering a sale process. Our experience in executing these transactions and the referrals we have earned along the way from selling ownership will stand out in this market."

About Lettermen's Energy Holdings

Headquartered in Kansas City, Lettermen's Energy Holdings has become one of the leading consolidators in the American propane industry. Lettermen's offers service to more than 30,000 residential, industrial/commercial, agricultural, and autogas customers in fifteen states. More information is available at

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