Cascadia Capital (“Cascadia”), an investment bank serving middle market clients globally, today announced that earlier this year it acted as the exclusive financial advisor to Pacific Coast Energy, LLC (“PCE”) in its acquisition by DCC Propane, LLC (“DCC”), a division of DCC plc (LSE:DCC), a London Stock Exchange listed diversified company with extensive operations in the liquefied petroleum gas (“LPG”) space, serving customers worldwide.
PCE is a leading propane marketer for both the residential and commercial markets in the Pacific Northwest. The company was founded in 2015 and operates six facilities across Washington and Oregon.
DCC, a division of DCC plc, is comprised of propane retailers providing propane for residential, agricultural, commercial and industrial uses. DCC plc is headquartered in Ireland and currently operates across 17 countries.
PCE’s management team successfully grew the business organically and through acquisition over a short period of time. The company’s shareholders had experience rolling up propane assets in the past and believed that PCE had gained enough scale to seek an attractive exit for their investment. DCC, having entered the U.S. market with its acquisition of Hicksgas LLC in 2017, was seeking further expansion in the United States and was attracted to the Pacific Northwest region for a variety of reasons.
“Cascadia positioned PCE’s leadership in the Pacific Northwest, its strategically placed facilities and service regions, and its attractive customer and asset base to the market. Several potential acquirers expressed strong interest in the business, with DCC ultimately winning out,” noted Jamie Boyd, Managing Director at Cascadia Capital. “The Pacific Northwest continues to remain an attractive region for the fuel distribution segment and companies like PCE, and other leading businesses in this geography, continue to garner the attention of national and foreign acquirers seeking growth.”
The sale represents another successful transaction for Cascadia’s Energy & Applied Technology practice in the fuel distribution sector. Related fuel distribution transactions include the sale of Associated Petroleum Products’ to World Fuel Services Corporation (NYSE:INT) (“WFS”), as well as WFS’s subsequent divesture of APP Propane to ThompsonGas LLC in November 2019.
For more information about this transaction, please contact the Cascadia Capital deal team: