Rush Street Capital has sourced $6.5 million in financing to support Stone Road Energy‘s acquisition of Manchester, Vermont-based Dorr Oil Company. RSC advised SRE on the financing. The acquisition financing was provided by Farragut Capital Partners. Stone Road Energy is a portfolio company of Stone Road Capital Partners.
Note: This post was updated after publication.
Rush Street Capital (“RSC”) announced that it has procured financing for Stone Road Energy (“SRE”), a Stone Road Capital Partners portfolio company. Proceeds from the financing were used for the acquisition of Manchester, VT based Dorr Oil Company, Inc and purchase of storage tanks and equipment. The financing closed on June 17, 2016.
RSC was the exclusive financial advisor to SRE for the financing. Headquartered in Littleton, NH, SRE is a heating oil and propane retail distributor focused in the northeast US. Stone Road Energy is a company that exists to grow. They look to acquire oil and propane heating companies from owners that have run a good business over the years and have decided that now is the time to leave the business. SRE does not remove the name or change the strong bonds these companies have with their local communities. Stone Road prides themselves in honoring the names on their trucks and offices. They continue the traditions of exceptional customer support and add value where they can.
Rick Lopez, Partner at Rush Street Capital, said, “The Dorr Oil acquisition is an excellent opportunity for Stone Road Energy to continue its expansion strategy and create operational synergies. The addition of Dorr Oil will give SRE a strong presence in the Manchester, VT market and will give the Company additional scale in both heating oil and propane distribution. The financing secured from our debt raise provides SRE with an optimal and flexible capital structure to complete this acquisition and position the Company for future growth.”
Bill Overbay, Managing Partner at Stone Road Capital Partners, said, “Rush Street Capital ran an efficient and diligent process for our financing request and they were extremely helpful through the close of the acquisition. They are a valued partner and we look forward to working with the RSC team again.” Joe Santarlasci, Managing Partner at Stone Road Capital Partners, added, “We are strong believers in Rush Street Capital and we look forward to a great relationship together. Additionally, Farragut Capital have been great supporters in Stone Road Energy and we look forward to working with them as well.”
About Rush Street Capital, LLC
Rush Street Capital is an intermediary that specializes in assisting middle market business owners and private equity firms with financing situations that need to occur under tight time frames. Rush Street Capital understands the challenges that face middle market business owners and private equity firms as they provide catered solutions to meet those challenges. Rush Street Capital leverages its relationships in order to help its clients find the most advantageous capital structure with the best possible financing partners and allows the middle market business owners and private equity firms to focus on their businesses. For more information please visit www.rushstreetcapital.com.