September 21, 2021
Cascadia Capital, an investment bank serving middle market clients globally, today announced that it acted as the exclusive financial advisor to Timberline Gas, a Montana-based holding company of propane distribution assets, in its acquisition by ThompsonGas, one of the leading propane companies in the US. In the transaction ThomsonGas acquired Madison River Propane of Belgrade, Montana; Propane Services Innovated of Butte, Montana; Salt River Propane of Thayne, Wyoming; and Blue Flame Propane of Williston, North Dakota.
This is the third propane business that Cascadia has advised on the sale of in recent years, and the second to ThompsonGas.
This acquisition opens ThompsonGas’ capabilities in the Rocky Mountains and is the company’s fourth acquisition of 2021. This year, ThompsonGas also acquired Ultra Energy of Hammond, Wisconsin; certain bulk propane assets of Airgas USA in Maryland, southeastern Pennsylvania and West Virginia; and All Service Propane of Anderson, California.
“We are so excited to partner with the great people and outstanding leadership of Timberline’s propane division to be the provider of choice in one of the fastest growing propane markets in the U.S.,” says Jim Davis, COO of ThompsonGas.
”Cascadia is thrilled to have represented the Timberline Gas team on this transaction, and it was a pleasure to close another transaction with the ThompsonGas organization,” added Jamie Boyd, Cascadia Managing Director and head of the firm’s Energy & Applied Technology practice. “Both companies have a deep foundation in company culture, client service and long-term vision, and when you can achieve such alignment of values with an outstanding transaction outcome, it is highly rewarding.”
The acquisition represents another successful transaction for Cascadia in the propane sector. Past transactions include the acquisition of APP Propane by World Fuel Services and then later it’s divestiture to ThompsonGas, and Pacific Coast Energy’s acquisition by DCC Propane.
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