May 1st, 2025: 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 Pecos Propane.
The acquisition of Pecos Propane has allowed Lettermen's to further expand into the New Mexico market. This marks the Company's ninth acquisition since being founded by CID and Lettermen's Management in April of 2021.
“We are thrilled to announce our partnership with Pecos Propane, another well-established independent company, as we continue to enhance our presence in an existing market," said Lettermen's Energy CEO Steve Wambold. "We take great pride in providing support and resources to help propane businesses succeed 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), Arrowhead Propane (NM, CO), and Pecos Propane (NM) along with other operations in AL, IN, IA, NM, and MO.
Eric Derheimer, Lettermen's Energy's Chairman and Managing Partner at CID Capital commented, "We welcome the opportunity to engage with propane operators and their advisers who may be considering a sale. Our strong track record of successful transactions and the positive referrals we have earned from former owners distinguishes us 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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