December 18, 2025, Indianapolis-based private equity firm CID Capital (“CID”) announced that it has recently completed the sale of Lettermen's Energy Holdings, LLC ("Lettermen's") to Revelar Capital. Terms of the deal were not disclosed.
Co-founded in 2021 and headquartered in Kansas City, Missouri, Lettermen's is a residential and industrial services company providing route-based propane distribution. During CID Capital’s ownership, Lettermen’s completed nine acquisitions and grew from a single state of operations to being the #15 propane retailer in the country, with physical operations in twenty states and approximately 240 employees.
Eric Derheimer commented “I am proud of what the Lettermen’s management team and our team at CID was able to accomplish. In a relatively short period of time, Lettermen’s grew from a small operation to become one of the industry leaders. Lettermen’s is a great case study for what we aim to accomplish on each one of our industrial buy and build investments.”
Eric Bruun shared, “We envisioned a national propane distribution platform from day one. Together with industry veteran and CEO Steve Wambold we built an industry leader, both organically and through M&A. We're excited to watch Steve and Lettermen's accelerate their next phase of growth with Revelar.”
CID, which focuses exclusively on partnering with founder, family and management-owned businesses, co-founded Lettermen's in 2021 and led the board since that time.
Eric Derheimer, Eric Bruun, and Ryan Cutter led the investment for CID.
Ice Miller, LLP acted as the legal counsel for CID.
Baird served as the exclusive sell-side advisor to CID Capital in connection with the sale.
About Lettermen's Energy Holdings, LLC
Lettermen's Energy, headquartered in Kansas City, Missouri, is a consolidator of independent propane retail distributors across the U.S. with a focus on operations in the Midwestern and Western portions of the country.
About CID Capital
CID Capital is a 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.
This message does not constitute tax or legal advice or an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. Past performance does not guarantee future returns.