November 14th, 2024: Lettermen's Energy, an 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 has recently acquired Arrowhead Propane.
The acquisition of Arrowhead Propane has allowed Lettermen's to further expand into the New Mexico market and enter the Colorado market. This marks the Company's eighth acquisition since being founded by CID and Management in April of 2021.
“We are thrilled to partner with another strong independent company in Arrowhead Propane 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.”
Lettermen's is currently the 16th largest multi-state propane retailer in the United States. Lettermen's 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), Victory Propane (OH, IN) Lettermen's Propane (OR, MO) and Arrowhead Propane (NM, CO) along with other operations in AL, IN, IA, NM, and 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 the 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 twenty states. More information is available at www.lettermensenergy.com.
About CID Capital
CID Capital is a long-standing private equity group that makes control investments in high-quality, lower-middle market companies that have shown a track record of success. For companies that have reached a performance level that finds them transitioning beyond being an entrepreneurial business, CID delivers the planning, experience, resources, and capital to overcome critical constraints and build long-term value.
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